Wyre, a crypto payments company that allows global transactions across businesses made an announcement to its community that it has secured a new partner, thus allowing it to resume normal business operations.
Wyre shared the information in a Twitter post. The blockchain technology company announced that it will start accepting deposits from clients right away and that, thanks to the funding, the 90% customer withdrawal restriction has also been lifted.
Hey Wyre community – we’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations.
— Wyre 🔊 (@sendwyre) January 12, 2023
The news comes as a relief to Wyre’s customers, as the firm only announced last week that it was changing its customers’ withdrawal policy, forcing users to withdraw no more than 90% of the funds in their accounts at the time of the announcement.
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.
— Wyre 🔊 (@sendwyre) January 7, 2023
While the name of the strategic investor was not disclosed, Wyre said the additional investment will enable the company to carry out its mission of streamlining and transforming the global financial environment.
The dwindling crypto market and the negative developments in the crypto sector do not appear to be deterring investors from investing in promising crypto businesses.
For instance, Gate.io crypto trading firm has pledged $100 million to boost the crypto market and also restore the faith of investors in the industry after many firms faced a series of financial crimes and mismanagement. Gate.io said the funds will be instrumental in assisting blockchain companies to thrive in the long-bearing crypto winter that has plagued the industry.
On the other hand, Animoca Brands is hoping to raise $1 billion in funds for investing in Web3 and the Metaverse.
Wyre Ends Buyout Deal with Bolt Financial
Bolt Financial Inc, a US financial technology firm announced in September that it was backing out from a proposed deal of purchasing Wyre for $1.5 billion due to the plunging crypto market and economic downturn.
Bolt declared its interest to buy Wyre in April last year at a time when people were looking for chances in Web3.0 and there was an increase in interest in buying goods and services using cryptocurrencies.
Wyre, however, said it will keep working with Bolt and added that remaining independent would let it concentrate on its core strengths. Significantly, the deal had a $1.5 billion price tag and was to be paid in both cash and shares. The merger was supposed to be finalized by the end of the year, according to the agreement.
