Freeway Crypto Platform Halts
The Freeway crypto platform suspended some of its services, citing "unprecedented volatility" in the currency and cryptocurrency markets in recent times.
The platform announced on 23 October that it was halting purchases, deposits, and withdrawals. The crypto staking platform will not buy Supercharger simulations until its new plans are implemented.
The website states that their "Superchargers" product can reward customers with annual yields of up to 43%. Users can use fiat and cryptocurrency to finance regulated brokerage accounts, which can then be leveraged for future profitable returns. The centralised platform combines the best aspects of traditional and decentralised finance (DeFi).
Freeway has not provided specifics on its new strategies. However, it stated in the Twitter post that it intends to "diversify its asset base" in an attempt to manage exposure to "future market fluctuations and volatility". This, it said, would ensure the "long-term sustainability and profitability of the Freeway Ecosystem."
It's unclear what this means for the platform and its users, but the post ends with a promise to provide updates soon.
The scheduled date for the update is not released. But, via a Twitter post, the firm said it would notify users when it is ready to restart "partial Supercharger simulation purchases (buy-backs)", and again when it can begin "full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys".
Users expressing concern
Users have expressed their worries on the Freeway Telegram group and social media.
The primary user concerns are whether withdrawals will be honoured and whether Freeway will join other well-known cryptocurrency platforms in closing permanently.
As of right now, nothing can be predicted. We can wait for future updates to be provided by the firm.
FWT price plummets
The Freeway crypto platform's native token, FWT, has dropped by more than 80% in the last 12 hours. FWT was trading at around $0.007 before the service suspension. It fell nearly 87% to $0.001 on Monday morning and has yet to recover from that low.
FWT was now 96% lower than its all-time high of $0.031 in May 2021. Its market capitalisation has dropped to $8.5 million. Freeway joins a growing list of cryptocurrency platforms, including Voyager Digital, Celsius Network LLC, and Babel Finance, battered by unfavourable market volatility and forced to suspend trading and withdrawals.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.
No tags associated to this article.