Blockchain-based payment transfer company Wyre immediately lifted the 90% withdrawal limit policy. It lasted for one week.
Wyre just announced that it’s resuming normal operations effective immediately. That is after a week’s run of the withdrawal policy implementation in early January.
From their social media post on Twitter, Wyre announced a new partnership with a strategic company that has financed them, thus lifting the withdrawal policy. The funding allowed them to resume normal operations without the need to apply the policy due to the bear-run experience in the crypto industry last year.
The policy introduced last week allowed Wyre users with funds only to withdraw 90% of their assets. It applied to daily limits set by the organization in funds withdrawal. Following the decision, the organization had a new management structure, with interim CEO Stephen Cheng replacing Ioannis Giannaros as executive chairman.
Since mid-last year, the uncertainty and macroeconomic turmoil impacted many sectors, and the crypto world is still recovering. However, Wyre resuming their normal operations is a promising sign. During its policy implementation, major companies felt the effects, such as The Topps suspending store transactions as precautions fostered by the policy.