The Wyre crypto payment platform defines payout limits

The Wyre crypto payment platform defines payout limits

On January 8, the crypto payment company Wyre announced that it "changes its payout guideline". The move adds a limit for withdrawal of no more than 90 % of the funds to customer accounts. In other words, Wyre users cannot completely empty their accounts.

There are additional payout limits of 5 BTC and 50 ETH per day and limits for Fiat payments, but most crypto exchanges have graded limits.

The step indicates a growing concern about bankruptcy and a possible liquidity bottleneck if nervous customers want to get their money back quickly. It could also trigger a flood of withdrawals that could lead to further restrictions.

hello wyr-community, we would like to inform you about the current status of Wyre.

- Wyre 🔊 (@sendwyre) 7. January 2023

Wyre on the wire

Wyre added that she also suffered from the prolonging crypto winter, which was still tightened by several top-class meltdown in 2022.

"To act in the best interest of our community has a top priority for us, and we are examining strategic options for our company that enable us to find our way around in the current market environment."

There was also a small restructuring of the management level when Yanni Giannaros resigned as CEO. He will take on the role of the Executive Chairman, whereby the Chief Risk and Compliance Officer Stephen Cheng will be an interim CEO according to the company.

Wyre also separated from the leading crypto wallet provider Metamask. On January 6, Metamask released an update that means that the platform was removed from its mobile aggregator, and added: "Please do not use Wyre."

🚨 caution - Wyre was removed from our mobile aggregator. Please do not use Wyre.

We are currently working on the extension and thank you for your patience.

Transak, MoonPay and Sardine (only USA) are still available for Apple Pay, card and bank transfers🚀

- Metamask 🦊💙 (@metamask) 5. January 2023

According to an Axios report at the beginning of this month, Wyre informed the employees that it was closed. Then CEO Giannaros is said to have said:

"We will continue to do everything we can, but I want everyone to prepare for the fact that we have to process the business in the next few weeks."

Wyre was taken over by the Fintech company Bolt for $ 1.5 billion in April 2022.

cryptomarkt update

cryptoma markets are a rare green sea during the Asian trading session on Monday morning. Overall capitalization has increased by 3.3 % to $ 884 billion in the last 24 hours.

It is the highest value that the markets have acted since mid -December, but it shows that things are still in a range.

Bitcoin exceeded the $ 17,000 mark with a daily profit of $ 2 %, while Ethereum rose by 3.7 % and exceeded $ 1,300 at the time of writing this article.

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