BlocksInform
The cryptocurrency payment company (wyre) stated that it had received financial support that allowed it to continue its "normal activities".”
It has already imposed withdrawal limits on clients, suggesting a potential cash crunch.
Back to business as usual.
Wyre announced that it had received vital support from a "strategic partner", which enabled the company to lift the 90% withdrawal limit and resume acceptance of deposits.
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
He said the infusion of funds will help the company achieve its goal of "streamlining and revolutionizing the global financial ecosystem." Wyre also thanked its customers, partners and the entire crypto community for their "positive feelings" as the company confronted its problems.
"We will continue to work seamlessly and in the best interests of our clients and partners. I appreciate you trusting us. We will continue to prioritize our clients as we return to growth," said Mr. Martin.
The entity applied certain restrictions earlier this week, enabling users to withdraw no more than 90% of their funds. In addition, it has enabled consumers to release up to 5 BTC and 50 eth per day.
Wyre stopped collaborating with the first crypto portfolio provider METAMASK earlier this year. The latter warned users to stay away from its former partner.
The cryptocurrency banking company – juno – has also cut ties to wyre, adding zeo hash as a new conservation partner. Prior to that, it advised clients to withdraw their assets and transfer them in self-custody wallets or sell their holdings for cash because of “uncertainty” with Wyre.
The acquisition of one and a half billion dollars.
Bolt Financial – an American fintech start-up – bought Wyre for a whopping $1.5 billion last year in a deal that did not involve a special purpose acquisition company (SPAC).
“today, we write history and we work together to reimagine how people interact with trade and cryptography, we want to make it easy for each retailer to conduct cryptocurrency transactions, removing barriers from the past,' said wyre CEO Yanni Giannaros.
Ryan Breslow, founder of Bolt, said the acquisition highlights the company's plans to expand the cryptocurrency sector.
