• Wyre has removed its withdrawal cap after securing additional funding from a strategic partner.
• The crypto payment platform had imposed a 90% withdrawal limit on its users and had laid off 75 employees.
• The CEO of Wyre noted that the firm was scaling back operations to plan its next steps.
Wyre, a crypto payment platform, recently removed its withdrawal cap after securing additional funding from a strategic partner. This comes after the company announced that it was imposing a 90% withdrawal limit on its users and laid off 75 employees. The crypto winter had put the company under immense pressure, leading many to speculate about its imminent collapse.
In order to save itself, Wyre had to make some drastic changes. It announced changes to its managerial structure and MetaMask severed ties with the company, removing it from its mobile aggregator and browser extension. MetaMask also advised its users to stay away from the platform.
Despite the company’s difficult situation, CEO Ioannis Gianna noted that the firm was scaling back operations to plan its next steps. He said that it was in the best interest of the company’s community to impose the withdrawal cap. Now, the firm is ready to resume regular operations and put the rumors to rest.
The company’s announcement of the removal of its withdrawal cap has been welcomed by the crypto community. It goes to show that the company has managed to weather the storm and is now in a position to provide its users with the services they need. Going forward, Wyre will be looking to build on this success and establish itself as a major player in the crypto payment platform space.