Crypto payments firm Wyre cuts withdrawal restricts to 90% of funds Monika Ghosh · 3 days ago · 2 minutes checked out
Wyre revealed that Yanni Giannaros has actually stepped down as CEO and the company is checking out tactical alternatives to endure the bearishness.
2 minutes checked out
Upgraded: January 8, 2023 at 6:34 pm
Cover art/illustration by means of CryptoSlate
Amidst insolvency speculations, cryptocurrency payments platform Wyre slashed its withdrawal limitations by 10% on Jan. 7. In a Twitter thread, Wyre revealed that its consumers can now just withdraw approximately 90% of the funds in their accounts.
Users will still undergo everyday withdrawal limitations, according to which just 5 Bitcoin (BTC) and 50 Ethereum (ETH) can be withdrawn every day. In addition, the day-to-day withdrawal limitation for United States Dollars and Euros is set at $150,000 and EUR140,000, respectively.
California-based Wyre declares to be certified as a cash transmitter company throughout more than 30 states in the United States along with Canada, Australia, European Union, and the UK.
The company stated it is “checking out tactical choices” to assist it browse the existing market. Yanni Giannaros has actually stepped down as CEO and will be assisting the company as executive chairman, Wyre revealed.
Chief threat and compliance officer Stephen Cheng has actually stepped up as the interim CEO, Wyre included.
Speculations around Wyre closing down emerged after Axios released a report on Jan. 4. According to the report, Giannaros informed staff members to “brace themselves” as the company may “require to relax business over the next number of weeks.”
Wyre was set to be gotten by Bolt at a $1.5 billion assessment, however the offer broke down in September 2022. Right after the acquisition offer was canceled, Wyre co-founder Michael Dunworth, who functioned as CEO up until 2020, stepped far from the company.
Giannaros informed Axios that the company was still running however aiming to downsize as it assesses alternatives. The payments company’s newest Twitter thread assured users that its “operations continue.”
On Jan. 5, MetaMask revealed that it got rid of Wyre from its mobile aggregator, advising users not to utilize Wyre while it got rid of the extension.
On Jan. 6, Wyre confessed to users that it had actually “not been immune” to the headwinds of the present crypto market. The crypto market has actually been shaken by prominent insolvencies throughout 2022, with the most recent being FTX.
In reaction to the withdrawal limitation cut, non-fungible token (NFT) antiques firm Topps briefly suspended its store and market as a preventive procedure. Wyre acted as the wallet for Topps NFT market.