Cryptocurrency News Today TheBitTimes.com

Crypto payments processor Wyre was forced to limit withdrawals at the beginning of this year but was able to resume operations after receiving an undisclosed amount of funding from a mystery investor. Wyre has never disclosed why the withdrawal limits were needed. This injection of funds came a few days after Stephen Cheng was elevated to interim chief executive officer (CEO) after previously serving as chief risk officer (CRO) and chief compliance officer (CCO). Last month, Cheng was promoted to permanent CEO. Previously, he was CCO at Prime Trust. Wyre’s valuation peaked when Bolt, a checkout application, decided to purchase the business for $1.5 billion. However, the deal eventually fell apart for undisclosed reasons. The story of Ryan Breslow and his crypto catastrophes Twitter users have recently reported that Binance US is using Wyre and Lead Bank in Missouri to accept deposits . Wyre’s current CCO, Steven Huynh, was previously head of compliance for Binance US....

Auto-payments for bills are commonplace in the traditional banking world and Visa has proposed a way to mimic the service using blockchain tech. Crypto-users may one day be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets, according to payments giant Visa. In a Dec. 20 blog post, Visa’s crypto thought leadership team proposed a solution that would allow providers to automaticall “pull” funds from users’ Ethereum-powered crypto wallets, without requiring the user to manually sign off on every transaction. Auto-payments for recurring bills are commonplace in the traditional banking world, giving users the ability to permit certain service providers to draw from their chosen bank accounts to pay off bills — such as a Netflix subscription or a monthly telephone bill. Such a mechanism isn’t possible for owners of self-custodial wallets, said Visa, noting that automated programmable payments that pull payments from a user's acco...