- Crypto financial institution Juno requested its prospects to both promote or self-custody their crypto belongings within the gentle of its migration of belongings to a brand new custodian.
- Juno’s determination got here as Juno’s present custodian, Wyre, ready to shut its doorways within the upcoming weeks.
Crypto financial institution Juno has requested its prospects to both promote or self-custody their crypto belongings within the gentle of its migration of belongings to a brand new custodian. The crypto platform shared the replace on Twitter, mentioning that it elevated the each day crypto withdrawal limits by 5 occasions for all customers.
1/ Replace on @JunoFinanceHQ within the final 24 hours
At Juno, we purpose to be the best and quickest on and off-ramp for crypto. ~90% of our crypto native customers have at all times used Juno as an on and off-ramp.
Juno presents these companies by way of its banking and crypto companions.
— Juno (@JunoFinanceHQ) January 4, 2023
Juno’s determination comes after the corporate’s present custodian, Wyre, prepares to shut its doorways within the upcoming weeks. It’s altering its custodian as a result of it anticipates issues with Wyre because it scales again or winds down its operations.
The platform said in its most-recent Twitter thread that it nonetheless has $1.25 million in crypto belongings on its platform. Furthermore, it was reaching out to prospects to encourage self-custody of their holdings.
Juno has employed different safeguards for person security, together with briefly disabling crypto shopping for on its platform and changing stablecoins to US {dollars} into customers’ government-insured accounts, that are FDIC-insured for as much as $250,000 by way of its companion financial institution.
Juno to transition from Wyre to a brand new custodian
Juno’s staff has already begun working with an unidentified new custodian. Buyer funds might be transferred from Wyre to the brand new custodian within the coming weeks.
Wyre, which was as soon as value $1.5 billion, has confronted vital headwinds in current months. Bolt, a one-click checkout firm, backed out of its acquisition cope with the corporate in September. Then, in response to Axios, Wyre allegedly informed workers in December that it could liquidate and terminate its choices in January.
Juno has said that it intends to transition to a brand new crypto companion, however has not specified which companion or when the transition might be accomplished. It has additionally said that it was working to renew cryptocurrency purchases and deposits as quickly as attainable.
