Wyre, a San Francisco-based cryptocurrency payment platform, has secured additional funding from a “strategic partner,” enabling it to lift the 90% withdrawal cap it had imposed earlier this week.
The company had introduced the withdrawal limit on January 8th, preventing users from completely emptying their accounts.
The reason for the limit was not provided, only that it was in the “best interest of our community.” The funding will also allow Wyre to return to normal operations and accept deposits again.
However, the company has faced job losses and rumors of closure due to the ongoing bear market in the cryptocurrency industry.
