Crypto Payments Firm Wyre Secures Funding To Lift Withdrawal Restrictions

A key partner has provided funding to crypto transactions firm Wyre, enabling it to lift the withdrawal cap put in place last week.

Customers were informed by the company that due to issues the company was experiencing, they may only withdraw 90% of their bank amount. Meanwhile, the sector was preparing for Wyre’s potential closure.

Wyre Requests Strategic Funding

Wyre’s CEO Ioannis Giannaros told Axios that although the company is still operating, operations will be scaled back.

Following the announcement, the company declared that it is investigating strategic options to aid it in managing the current market environment and maintaining its global payments network.

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

Platform to continue operations, deposits to resume, withdrawal limit lifted, according to a statement by regulated financial institutions.

The platform declared that it would resume expansion while continuing to prioritize its consumers.

One of Ledger’s four switching partners is Wyre. On Ledger’s website, Wyre is no longer listed as a partner. Twitter user KAI claimed the website withheld significant payments in November, suggesting a liquidity issue. The platform, nonetheless, purportedly completed low-value transactions fast.

Earlier this month, several cryptocurrency companies declared their independence from Wyre’s offerings. Due to the ambiguity surrounding platform withdrawals, Juno Finance increased withdrawal restrictions while urging consumers to switch to self-custody.

Now, the business has switched from Wyre to the cryptocurrency exchange service Zero Hash. Another company that handles collections, Topps, let its customers know that it was looking into the situation.

(2/n) 事件发生经过:当时为了防止 FTX US 暴雷,所以将 FTX US 中的所有资产都以 USDT 的形式提到 Ledger 中的一个账户地址。且提币成功了,之后又准备将 USDT 换成 USDC,所以选用了 ledger 的合作方 wyre 进行兑换。

Change in management structure, Stephen Cheng to take over as interim CEO, and Ioannis Giannaros to remain executive chairman.

Related Reading | BlockFi To Release Financial Data On Wednesday, Amid Bankruptcy

One of the numerous companies currently needing help is Wyre. Because of FTX’s demise, the industry has endured lower profitability and layoffs of workers, notwithstanding the lousy market.

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