HomeNEWSWyre to resume deposit, relaxes 90% withdrawal limit policy

Wyre to resume deposit, relaxes 90% withdrawal limit policy

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In a Twitter post today, struggling Fintech platform, Wyre disclosed that it has secured a strategic partner funding. With that, business activities are set to resume fully after the Fintech organization struggled for the most of 2022.

In the announcement, Wyre disclosed that users can now deposit funds into the platform. Worth noting that announcement carried another positive development. As revealed, the fintech platform said it will relax the 90% withdrawal limits policy to aid users to access their funds without restriction.

Additionally, the latest development came as a relief for users that have been unable to withdraw the entirety of their funds on the platform due to the withdrawal limit policy. The funds will provide Wyre a new start as the firm will have more funds to restructure its business activities.

Wyre emphazised its commitment towards priotizing the safety of users assets and a transparent business practice. Also, the Fintech platform divulged that its working tirelessly to emerge as a leading financial infrastructure provider that’ll aid the growth of the ecosystem.

Likewise, Wyre said that the financial bailout will aid it to accomplish its pursuit of simplifying and revolutionising the global financial ecosystem. However, Wyre didn’t unveil the name of the strategic partner in question.

Highlights of Wyre’s struggles

For the most of 2022, Wyre struggled due to the general downturn of crypto assets prices. At the height of the Fintech firm’s struggles, the firm failed to complete a takeover deal with Bolt. Then, the deal which worth about $1.5 billion could have been the biggest involving a cryptocurrency organization.

Early this month, reports surfaced that the firm reduced its workforce by 75 personnel. Reports indicated that the CEO of Wyre, Loannis Giannaros, sent a mail to employees stating that the company no longer need their services starting from the end of January 2023.

The layoff sparked rumours about a possible shutdown of Wyre’s business activities. Due to the rumours, MetaMask removed Wyre from its mobile aggregator and browser extension.

Likewise, the 90% withdrawal limit policy surfaced few days after reports of the shutdown surfaced. However, Wyre elucidated that the decision is in the best interest of customers. Now, the financial bailout will aid the firm to proceed with it’s business activities as usual.

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