- Crypto payments platform Wyre sets a new withdrawal policy allowing users to withdraw only 90% of their assets.
- The policy will include limits to specific assets, including a daily cap of 5 BTC, 50 ETH, and 20,000 USDC withdrawals.
- Amidst growing concerns of bankruptcy, Wyre management expresses commitment to weather the storm.
The crypto winter has stretched longer than predicted by many experts and has made several web3 firms think outside the box to stay afloat.
Digital asset payment platform Wyre has announced a new withdrawal policy in the wake of bankruptcy concerns hovering around the company. The new policy will allow users to withdraw up to 90% of their funds subject to their present daily limits.
The Francisco-based firm has stated that it is exploring strategic options to navigate the present bear market and it is in the “best interest of the community.”
“We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits,” the company shared via Twitter.
The new policy also restricts daily withdrawals of Bitcoin (BTC), Ethereum (ETH), and fiat. According to their website, there will be a limit of up to 5 BTC, 50 ETH, and 20,000 in DAI and USDC, while daily fiat withdrawals will be $150,000 and £140,000.
The company restated its commitment to simplify and expand global digital asset payments, adding that it will continue to “explore strategic options” to survive current market conditions. The announcement of withdrawal limits sparked panic within crypto spaces however some believe that the firm will weather the storm.
Wyre’s issues run deep
The new company withdrawal policy comes amidst bankruptcy rumours and other operational issues. Last week, MetaMask made a shocking announcement removing Wyre from its mobile aggregate which allows users to buy virtual assets via its extension.
The firm’s bankruptcy travails came to the fore last month by allegations by two former employees. The company denied the allegation stating that it will “scale back” to plan new strategies.
Wyre has also carried out a management shakeup with Stephen Cheng elevated to the CEO whilst assuring that the company’s operations will continue and the community will be updated with new developments.