Wyre hopes that the additional capital "will help us continue to deliver on our mission" — but it remains unclear whether users will want to join them for the ride.
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
When crypto projects freeze or limit withdrawals, it's normally a warning sign that a bankruptcy is imminent.
However, a Twitter update from Wyre suggests that this isn't always the case.
The crypto payments platform had spooked users by announcing that they would only be able to withdraw 90% of their balances — amid reports that a shutdown was imminent.
But in a new update on Thursday, Wyre revealed that it has now received financing from a strategic partner — meaning that its operations can return to normal. A statement added:
"As a regulated financial institution, we’re proud that we were able to continue delivering our services in a safe and sound manner without pausing withdrawals. We will resume accepting deposits and lift the 90% withdrawal limit effective immediately."
Wyre hopes that the additional capital "will help us continue to deliver on our mission to simplify and revolutionize the global financial ecosystem" — but it remains unclear whether users will want to join them for the ride.
"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."
Ioannis Giannaros — who has now made the switch from CEO to executive chairman — failed to comment on a potential shutdown to the publication, but added:
"We're still operating but will be scaling back to plan our next steps."