CoinMash - 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.
We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.— Wyre (@sendwyre) January 7, 2023
“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.
Heads up – Wyre has been removed from our mobile aggregator. Please do not use Wyre.We're currently working on Extension removal and appreciate your patience. Transak, MoonPay, and Sardine (US-only) are still available on Apple (NASDAQ:AAPL) Pay, Card, and Bank transfers— MetaMask (@MetaMask) January 5, 2023
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.
This article was originally published by our partners at Coinmash
