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Wyre Removes Withdrawal Cap Post Infusion of Funds

After getting money from a key partner, Wyre has decided to take away the limit on how much you can withdraw.

Photo by Niranjan _ Photographs / Unsplash

After receiving funding from a partner, Wyre has decided to remove its withdrawal cap.

After gaining extra money from a key partner, the crypto payment network, Wyre has lifted (1) its ceiling on the maximum amount that users can withdraw. You may recall that Wyre put a limit of 90% on its users' ability to withdraw funds a few days ago. Additionally, the corporation changed its management structure and terminated the jobs of seventy-five people.

New information revealed that the corporation was having a difficult time due to the crypto winter, and its demise was drawing ever closer. When the corporation announced the withdrawal cap, it also cited the market conditions as a basis for its decision.

Despite this, the company stated that it had set the withdrawal limit at the time because it was "in the best financial interest of our community." CEO Ioannis Gianna mentioned that the company was reducing its operational footprint to prepare for its next steps. MetaMask cut its ties with the company in the wake of the rumors, deleting the service from its mobile aggregator and browser extension. Additionally, it encouraged its customers to avoid using the platform altogether.

After the Withdrawal Cap Was Removed, the Business Returned to Normal

On the other hand, Wyre has given the crypto currency community its word that it is prepared to resume normal business activities. The company disclosed that it had obtained funding from an undisclosed strategic partner. It was claimed that with "this additional capital," the company would be able to

"continue to deliver on our mission to simplify and revolutionize the global financial ecosystem."

After the funding, Wyre took away the limit on the amount of money that may be withdrawn and announced that it would start taking deposits and requests for withdrawals. The statement further said that the company was

"proud, as a regulated financial institution, that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals."

Despite the rumors of the company's collapse, today's announcement gives the impression that the company's financial status may have improved. On the other hand, users' confidence is at an all-time low.

Users of VeVe Express Disapproval of Wyre's Comeback

Following Wyre's announcement that it will impose a withdrawal limit, the digital collectibles company VeVe stopped payouts as well as requests to pay in crypto currency. In light of Wyre's most recent announcement, it was said that before re-enabling Payout, they "will be assessing Wyre's capability to resume all services and support."

Users of VeVe, on the other hand, have voiced their disapproval of this move and suggested that the company investigate other payment sources. One user by the name of @BitcornioGoat said,

"That is a warning sign... We would prefer to wait a little bit longer for compensation so that you can find a better, more dependable payout partner that will be reliable over the long haul.”