San Francisco-based cryptocurrency payments firm Wyre stated yesterday on Twitter that it has received funding from a strategic partner, allowing it to remove its freeze on deposits and 90% withdrawal cap. In “the best interest of our community,” Wyre had limited customer withdrawals a week prior to the reversal.
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
On January 7th, the company stated that customers could withdraw no more than 90% of their accounts’ cash, per day. The firm also announced that Stephen Cheng, who has served as the company’s chief risk officer and chief compliance officer, will take over as temporary CEO, and that Ioannis Giannaros would be transitioning into a new job.
The business tweeted,
“Acting in the best interest of our community is our first concern, and we are investigating strategic options for our company that will enable us to manage the present market environment and deliver on our objective to simplify and transform the global payments ecosystem.”
The company tweeted yesterday that the funding “will help us continue to deliver on our objective to simplify and disrupt the global financial environment.” There has been no quick response from Wyre to Decrypt’s request for comment, therefore it is unknown who the strategic partner is.
A bear market has been exerting pressure on the corporation for some time. At the start of the year, it announced layoffs for 75 workers and disputed rumors that it was closing. Along with this news, Metamask stated that Wyre would no longer be included in its mobile aggregator.
Taking Crypto Payments To The Next Level: Wyre San Francisco’s Solutions For Merchants
Wyre is a San Francisco-based crypto payments firm that enables businesses to send and receive digital currency quickly, securely, and cost-effectively. Founded in 2013, Wyre has built a suite of products that helps businesses bridge the gap between traditional finance and digital assets.
With its powerful API, Wyre allows companies to easily accept payments in digital currencies like Bitcoin, Ethereum, and Litecoin. Additionally, Wyre also offers fiat conversion services for customers who are looking to convert their cryptocurrency into US dollars or other fiat currencies.
By leveraging its global network of banks and financial partners, Wyre provides access to fast international payments with low fees.
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