Wyre: Crypto payments provider Wyre has imposed a 90% withdrawal limit on its customers as the company prepares to “unwind the business” in the coming weeks.
In a Sunday tweet, Wyre introduced the new 90% withdrawal limit on its platform. According to Wyre, the withdrawal limit was imposed to act in “the best interest of our community,” as the company “explores strategic options … to help navigate the current market environment”
According to a report from Axios the newly imposed withdrawals limit come as the company prepares to shutdown by the end of this month.
“We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” CEO Ioannis Giannaros wrote in an email to employees, parts of which were viewed by Axios.
Wyre shutdown rumours see MetaMask cut partnership
The rumours of a potential shutdown have spelled disaster for Wyre, with crypto wallet provider MetaMask axing their ongoing partnership
On January 5, MetaMask removed Wyre from its mobile aggregator service, which formerly allowed users to purchase cryptocurrencies directly from their digital crypto wallet.
“Wyre has been removed from our mobile aggregator. We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking its users to discontinue all operation of Wyre.
MetaMask still offers its users a number of alternative crypto payment services including Transak, MoonPay and Sardine. According to MetaMask, these payment services are available on Apple Pay and through bank transfers.
Wyre was founded in 2013 and came tantalisingly close to being acquired for a valuation of US$1.5 billion earlier this year. The US e-commerce startup Bolt agreed to acquire Wyre for the sum in April of 2022, however due to the ongoing decline in crypto asset prices, Bolt decided to scrap the deal five months later.