Crypto Bank Juno shuts operations: Customers to sell or self-custody assets

1 year ago 86
  • Crypto slope Juno asked its customers to either merchantability oregon self-custody their crypto assets successful the airy of its migration of assets to a caller custodian.
  • Juno’s determination came arsenic Juno’s existent custodian, Wyre, prepared to adjacent its doors successful the upcoming weeks.

Crypto slope Juno has asked its customers to either merchantability oregon self-custody their crypto assets successful the airy of its migration of assets to a caller custodian. The crypto level shared the update connected Twitter, mentioning that it accrued the regular crypto withdrawal limits by 5 times for each users.

1/ Update connected @JunoFinanceHQ successful the past 24 hours

At Juno, we purpose to beryllium the easiest and fastest connected and off-ramp for crypto. ~90% of our crypto autochthonal users person ever utilized Juno arsenic an connected and off-ramp.

Juno offers these services via its banking and crypto partners.

— Juno (@JunoFinanceHQ) January 4, 2023

Juno’s determination comes aft the company’s existent custodian, Wyre, prepares to adjacent its doors successful the upcoming weeks. It is changing its custodian due to the fact that it anticipates problems with Wyre arsenic it scales backmost oregon winds down its operations.

The level stated successful its most-recent Twitter thread that it inactive has $1.25 cardinal successful crypto assets connected its platform. Moreover, it was reaching retired to customers to promote self-custody of their holdings.

Juno has employed different safeguards for idiosyncratic safety, including temporarily disabling crypto buying connected its level and converting stablecoins to US dollars into users’ government-insured accounts, which are FDIC-insured for up to $250,000 via its spouse bank.

Juno to modulation from Wyre to a caller custodian

Juno’s squad has already begun moving with an unidentified caller custodian. Customer funds volition beryllium transferred from Wyre to the caller custodian successful the coming weeks.

Wyre, which was erstwhile worthy $1.5 billion, has faced important headwinds successful caller months. Bolt, a one-click checkout company, backed retired of its acquisition woody with the institution successful September. Then, according to Axios, Wyre allegedly told employees successful December that it would liquidate and terminate its offerings successful January.

Juno has stated that it intends to modulation to a caller crypto partner, but has not specified which spouse oregon erstwhile the modulation volition beryllium completed. It has besides stated that it was moving to resume cryptocurrency purchases and deposits arsenic soon arsenic possible.

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

Read Entire Article