The crypto-payments startup Wyre said it had scrapped the withdrawal limit of 90% of an account balance, subject to daily limits.
As a regulated financial insitution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals. We will resume accepting deposits and lift the 90% withdrawal limit effective immediately.
— Wyre 🔊 (@sendwyre) January 12, 2023
On January 7, the company restricted withdrawals. According to press reports, co-founder and CEO Ioannis Giannaros warned staff of a possible closure of the business.
The funding will enable Wyre to continue operating, including resuming deposits.
“As a regulated financial insitution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals,” — the statement said.
Earlier in April 2022, fintech Bolt Financial signed with Wyre an to purchase for $1.5 billion. In September the parties backed out of the deal.
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