Wyre recently took to Twitter to share the news with the community that it has restricted the withdrawal amounts for all users. The revised withdrawal policy comes with no definite timeline except with an assurance that it will be resolved at the earliest.
According to the revised withdrawal policy, users can withdraw funds not more than 90% from their individual accounts. This will be subjected to their daily limits. Being unable to withdraw more than 90% of the funds is temporary. Wyre says that it remains committed to circling back to its mission of simplifying and revolutionizing the payment ecosystem across the world.
For now, the company is exploring ways that will enable it to circumvent the prevailing situations in the market. All the strategic options are being reviewed to navigate the current market environment.
Wyre has also announced changes to its management structure. Yanni Giannaros has now taken over the role of Executive Chairman to continue to provide his guidance and support to the entire team. Meanwhile, Stephen Cheng will serve as the interim Chief Executive Officer of the company. Stephen comes with experience in the Chief Commercial Officer and Chief Risk Officer departments, making him an ideal candidate for the position.
Wyre has signed off the announcement by appreciating the entire community for its patience, support, and positive sentiments while it pursues options that will enable it to flourish. More details are awaited by Wyre to be shared with the community.
Wyre is a crypto stack for the new economy that is expected to be based on digital currencies and Web3 technology. The company is based on the belief that the crypto economy brings an open and secure financial system providing a bridge between the upcoming financial infrastructure and the traditional financial infrastructure built effectively.
Users are inspired by the company to build their projects to fuel the future. One of the offerings of Wyre is its crypto wallet infrastructure that allows users to seamlessly manage their digital holdings. The crypto wallet of Wyre can also hold traditional or fiat currencies. It enables fast and secure transactions while helping the users to earn rewards that can be split between the business and the individual.
Every type of currency is supported – crypto and traditional. Users can leverage cards, banks, or blockchains alike to settle payments through the platform.
Third-party platforms are not engaged when it comes to swapping cryptocurrencies on the platform. Wyre takes care of the activity in a secure manner. What also makes Wyre a great platform is the support that it offers to its developers looking to onboard customers after KYC verification. Its APIs take care of the hassle along with transaction monitoring and underwriting. The withdrawal policy remains effective until further notice by Wyre.