• Wyre has removed its withdrawal cap after securing additional funding from a strategic partner.
• Wyre had previously imposed a 90% withdrawal limit on its users and laid off 75 employees.
• MetaMask had severed ties with Wyre, but the company has now resumed regular operations.
Wyre, a crypto payment platform, has removed its withdrawal cap after securing additional funding from a strategic partner. This comes after the company had recently imposed a 90% withdrawal limit on its users and laid off 75 employees due to the crypto winter giving the company a tough time. It had also announced changes to its managerial structure.
In response to the situation, MetaMask had severed ties with the company, removing the platform from its mobile aggregator and browser extension. It had also advised its users to stay away from the platform. CEO Ioannis Gianna had said that the firm was scaling back operations to plan its next steps.
However, Wyre has now assured the crypto community that it is ready to resume regular operations. All withdrawal caps have been removed, and the company is back to business as usual. This is no doubt a relief for many users who had been affected by the withdrawal cap.
Wyre is now focusing on continuing to provide its users with secure and reliable transactions. The company is also working to improve its services and expand its user base. As the crypto market continues to evolve, Wyre is committed to being a leader in the space.