Crypto payments firm based in San Francisco, Wyre announced that it is introducing withdrawal limits for its clients’ accounts because it is in the community’s best interests.
Posting on Twitter, the company said that they were modifying their withdrawal policy, which would include daily limits.
The announcement
The crypto payments company said that it was not halting withdrawals completely, as customers would still be permitted to withdraw their funds for now.
However, Wyre said that customers would not be allowed to withdraw more than 90% of the funds that are currently present in their accounts.
According to the company website, there are daily withdrawal limits applicable of about 50 Ethereum, 5 Bitcoin, and also 20,000 in DAI, USDC, or Wrapped Ethereum (WETH).
As far as fiat limits are concerned, customers are not permitted to withdraw more than $150,000 on a daily basis.
The company went on to say that it was still committed to its aim of revolutionizing and simplifying the global payments ecosystem.
Wyre said that it was exploring a number of strategic options that would help it in dealing with the current environment in the crypto market.
The reports
This move comes after reports had surfaced in the previous week that Wyre was going to shut down its shop in this month.
Two former employees of the company had made the allegations that the company had denied, but it did add that it would be scaling back in order to think of its next steps.
The announcement from the company did not just apply to withdrawal limits for its users’ accounts. The company also said that it would be making some changes to its management structure.
This includes Ioannis Giannaros, the chief executive of Wyre, taking on a new position, as the executive chairman of the company.
The management change
Wyre asserted that Giannaros would continue providing the company with valuable support and guidance in his new capacity as well.
Formerly the chief compliance officer and the chief risk officer, Stephen Cheng, has been given the position of Interim CEO.
The company said that Cheng’s skillset makes him an appropriate choice for leading the company. Wyre added that they were continuing with their operations and would keep the community updated with the latest information.
However, it appears that the company’s troubles are far from over for now, as MetaMask announced last week that its mobile aggregator would no longer include Wyre.
This enables people to use the extension for directly buying digital assets, which could be an issue for Wyre.
Launched in 2013, the crypto payments firm had been almost acquired last year for $1.5 billion by an e-commerce startup named Bolt.
But, the purported deal had fallen through in September last year and the two companies opted to operate as independent businesses but did make a commercial deal.
The agreement saw Bolt add the one-click solution of Wyre to its customer platform, but no acquisition was made.