Wyre announces the lifting of its 90% withdrawal limit policy
Blockchain-based payment transfer company Wyre immediately lifted the 90% withdrawal limit policy. It lasted for one week.
Wyre just announced that it’s resuming normal operations effective immediately. That is after a week’s run of the withdrawal policy implementation in early January.
From their social media post on Twitter, Wyre announced a new partnership with a strategic company that has financed them, thus lifting the withdrawal policy. The funding allowed them to resume normal operations without the need to apply the policy due to the bear-run experience in the crypto industry last year.
The policy introduced last week allowed Wyre users with funds only to withdraw 90% of their assets. It applied to daily limits set by the organization in funds withdrawal. Following the decision, the organization had a new management structure, with interim CEO Stephen Cheng replacing Ioannis Giannaros as executive chairman.
Since mid-last year, the uncertainty and macroeconomic turmoil impacted many sectors, and the crypto world is still recovering. However, Wyre resuming their normal operations is a promising sign. During its policy implementation, major companies felt the effects, such as The Topps suspending store transactions as precautions fostered by the policy.
Airtm and Metamask were also among those companies affected by the policy.