Zero Hash Becomes Crypto Bank Juno’s New Custodian 

Zero Hash Becomes Crypto Bank Juno’s New Custodian 

Juno has selected crypto payment firm Zero Hash to be its primary custodian partner. The banking platform is currently working to integrate Zero Hash’s services and resume crypto buy and deposit facilities that were suspended earlier this week. 

On January 6, Singapore-based crypto banking platform Juno announced that it has chosen business-to-business (B2B) crypto payments solutions provider Zero Hash to serve as its new custodian for customer’s crypto assets. The fiat-to-crypto on-ramp that provides crypto card payment services has been on the hunt for a new partner after its primary custodian, Wyre, announced it was shutting down operations. 

Two days earlier, Juno sent out a bunch of tweets asking its users to self-custody their assets or sell them for fiat currency on their checking accounts. The crypto bank offers its US-based customers FDIC-insured checking accounts that were established in 2021 in a partnership with Evolve Bank and Trust. Account holders are rewarded with the yield on their crypto deposits. 

In the wake of crypto payments services giant Wyre’s collapse, Juno had temporarily disabled all token purchases on its platform and auto-converted all balances in USDT, USDC, and mUSDC stablecoins in checking accounts to dollars. To help customers withdraw their funds, the bank increased its daily withdrawal limits from $40,000 to $200,000, monthly withdrawals from $155,000 to $500,000, and yearly limits from $500,000 to $1,500,000. Juno said that any fees incurred while transferring funds will be reimbursed, and she assured customers that their balances in the checking accounts are insured by up to $250,000. 

Zero Hash Becomes Crypto Bank Juno’s New Custodian 

Meanwhile, Juno reiterated that its banking and card services will operate as usual, and the bank accounts will continue to earn the 5% annual percentage yield (APY) of up to $25,000 on their deposited crypto assets. Since the bank began communicating with customers about withdrawing their funds, only $1.25 million worth of cryptocurrencies remain on its platform. 

“We thank you for your patience and apologise for the inconvenience you have faced the past few days. We are grateful and truly appreciate the support you have shown us as a community. We will continue to build better banking and crypto services for you and always act in the best interest of our customers,” stated Juno in its press release.

Juno is currently in the process of integrating Zero Hash’s crypto payment and custody infrastructure and has promised to resume crypto buy and deposit functionalities as soon as possible in the coming weeks. Some prominent companies in the industry, including MoonPay, Medium, Current, Moneylion, and Sardine, make use of the Zero Hash infrastructure. 

On January 4, Wyre, a crypto payments solutions provider founded by Ioannis Gainnaros and Michael Dunworth in 2013, sent out an email to employees asking them to be prepared for a layoff as the company was winding down operations. The company, once valued at over $1 billion, was supposed to be acquired by “one-click” checkout firm Bolt in a $1.5 billion deal agreed upon in April 2022. Unfortunately, the deal that was supposed to be completed in stocks and cash fell through last September. At the time, Bolt said that it would continue to work with the crypto payments giant as a commercial partner and would integrate the Wyre protocol into its ecosystem. 

While Wyre’s future looks bleak, Juno is looking at a fresh revival. The crypto banking platform’s efforts to ensure customer protection during times of uncertainty in the market have been lauded as a great service by the wider crypto community. 

Also Read Huobi Sees $100 Million Token Outflows In A Week Since Announcing Layoffs

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