Wyre lifts 90% customer withdrawal limit after securing new funding

Quick Take

  • Wyre tweeted that it will immediately lift its 90% customer withdrawal cap after raising new funds from an unnamed strategic investor. 
  • Wyre did not specify how much in new funding it has raised. 

Wyre secured a new source of funding, allowing it to drop its recently introduced 90% customer withdrawal cap, the company said on Twitter today.

“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 tweeted, adding that it would “resume accepting deposits and lift the 90% withdrawal limit effective immediately.

Wyre earlier this week said it would limit customer withdrawals in an attempt to continue operating despite financial headwinds and to better position the firm against any potential industry instability.

The company laid off 75 employees earlier this month as news circulated that the firm may shutter.  Wyre denied those rumors, and said it was still operating.

Wyre did not immediately respond to The Block’s request for comment.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.