After securing additional funding, cryptocurrency payment platform Wyre has lifted the 90% withdrawal cap it imposed on users earlier this week, as reported by Cointelegraph.
The San Francisco-based fintech company announced on January 13 that it had received funding from a “strategic partner” that enables it to carry on with business as usual, including once more accepting deposits. “As a regulated financial institution, we are proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals,” it added.
Cointelegraph further noted that the 2013-founded business is struggling, just like many others in the bear market for cryptocurrencies. According to reports, it let go of 75 employees earlier this month.
Additionally, there have been worries about insolvency due to rumours of a possible shutdown in early January. The company has refuted them, though, and today’s announcement seems to indicate that things are better now, Cointelegraph further stated.
(With insights from Cointelegraph)