Wyre Resumes Withdrawals and Deposits After Securing Financial Aid

The cryptocurrency payments company – Wyre – said it received financial backing that enabled it to continue its “normal course of operations.”

It previously imposed withdrawal limits on customers, hinting about a potential liquidity crisis.

Back to Normal

Wyre announced it obtained vital support from a “strategic partner,” which allowed the company to lift the 90% withdrawal limit and resume accepting deposits.

Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.

— Wyre 🔊 (@sendwyre) January 12, 2023

It claimed that the monetary injection will help the firm’s goal to “simplify and revolutionize the global financial ecosystem.” Wyre also thanked its clients, partners, and the broader crypto community for their “positive sentiments” while the firm was coping with its issues. 

“We’ll continue to operate with transparency and with the best interests of our customers and partners at heart. Thank you for trusting us with your business. We will continue to put our customers first as we return to growth,” it concluded.

The entity applied certain restrictions earlier this week, enabling users to withdraw no more than 90% of their funds. Additionally, it allowed consumers to take out a maximum of 5 BTC and 50 ETH per day.

Wyre terminated its collaboration with the leading crypto wallet provider MetaMask earlier this year. The latter warned users to stay away from its former partner. 

The cryptocurrency banking firm – Juno – also cut ties with Wyre, adding Zeo Hash as its new custody partner. Prior to that, it advised clients to withdraw their assets and transfer them in self-custody wallets or sell their holdings for cash because of “uncertainty” with Wyre. 

The $1.5 Billion Acquisition

Bolt Financial – an American fintech start-up – bought Wyre for a whopping $1.5 billion last year in a deal that did not involve a special purpose acquisition company (SPAC). 

“Today, we’re making history and joining forces to reinvent the way that people interact with commerce and crypto … Simply put, we want to allow every retailer to transact easily in cryptocurrency, removing long-standing barriers,” Wyre’s CEO Yanni Giannaros commented at the time.

Ryan Breslow – Bolt’s Founder – said the acquisition outlines the firm’s intentions to dive deeper into the cryptocurrency industry.