Wyre Limits Withdrawals to 90% Of User Funds

Wyre Limits Withdrawals to 90% Of User Funds

Blockchain-based payment platform Wyre has changed its withdrawal policy to allow users to withdraw up to 90% of their funds just days after the web3 firm stated that it was dealing with a liquidity crisis. 

Further, the 90% limit will be subject to a user’s daily limit, which is 5 BTC and 50 ETH for crypto transactions. For USD and Euros, the limit is set at $150,000 and €140,000, respectively.

“Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem,” added Wyre. 

The company has also made some leadership changes. Ionnis (Yanni) Giannaros has stepped down as CEO and will take over as the Executive Chairman. Chief Risk and Compliance Officer Stephen Cheng has been appointed as the interim CEO. 

Speculations emerged on Jan. 4 that Wyre might be fighting insolvency, according to a report by Axios.  

“We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” wrote Yanni allegedly in an email to the employees. “We’re still operating but will be scaling back to plan our next steps.”

Subsequently, on Jan. 5, MetaMask removed Wyre from its mobile aggregator, which is used by users to directly buy crypto from the web3 wallet. 

In Sept., online checkout company Bolt scrapped its plan to acquire Wyre in a deal worth $1.5 billion while stating that the firm would honor the existing commercial partnerships with Wyre. 

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Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is an expert in finance and disruptive tech, such as blockchain.