• Wed. Jun 12th, 2024

Zero Hash Becomes the Crypto Custodian Of Cryptocurrency Bank Juno

Phillip Seefeldt

ByPhillip Seefeldt

Jan 31, 2023

The crypto banking institution Juno has joined Zero Hash to play the role of its latest crypto custodian, as the company declared in its blog post. The news comes after the caution by Juno a few days ago in which the platform advised the consumers to sell or self-custody the assets in their possession amid the reports dealing with the turmoil being experienced by Wyre (its former custodian).

Crypto Banking Firm Juno Hires Zero Hash as Its Exclusive Custodian amid Wyre Chaos

Recently, Wyre declared that the firm will scale back the services. Nonetheless, the leadership of the platform informed the workers that January 2023 would be the month in which it will terminate and liquidate its offerings, as per a report published by Axios. The likely shutdown would reportedly take place after the layoffs in the staff of the firm that occurred earlier.

The other custodial consumers of Zero Hash take into account Sardine, Moneylion, Current, Nium, and MoonPay, as per the blog post. Juno Finance has extended the withdrawal limits along with asking the clients to shift to self-custody.

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The platform mentioned that they are doing this as a preventive action to provide facilities to their consumers while keeping in view their crypto collaborator’s uncertainty.

In a post shared on Twitter, Juno pointed out that they strongly advise customers to withdraw their crypto assets in the account of Juno. The respective account has insurance of nearly $250,000 under FDIC through their collaborator bank.

In the meantime, the company asserts that it has spread out the regular crypto withdrawal limitations by 5 times for the entirety of the metal consumers.

At present, Juno has additionally halted the crypto buyouts till it shifts to an exclusive crypto collaborator. Juno said that they have provisionally terminated the crypto purchases on the platform along with auto-transforming the stablecoins to the US dollar in the FDIC-insured account.

These stablecoins take into account mUSDC, USDT, and USDC. It added that any incurred charges will be compensated.

The statement of Juno is witnessed after the speculations that Wyre (the crypto-payments collaborator) could become another victim of the huge crypto exchange collapse of FTX.

Most recently, Axios asserted that its employees had been informed by Wyre that it was putting closure to its overall business activities. While elaborating on this, Axios referred to the statement of Ioannis (the CEO of Wyre) that they are doing their best.

Wyre to Scale up Its Operations in the Coming Time

However, it added, he advises everyone to be prepared for the news that they require to slow down the business operations for the coming 2 months.

Nevertheless, Giannaros sent an email to Axios and informed them that it is still carrying out its activities but will scale back them. The firm reportedly did not remark on the reports dealing with the shutdown. At present, the rumors about Wyre are not confirmed.

In the meantime, Ledger has additionally stopped swapping and purchasing through Wyre. As per the website of Ledger, Wyre is among 4 of its swapping collaborators.

Ledger recommends that the clients should utilize substitutive methods such as 1inch, Paraswap, or CIC, rather than Wyre. Back in December, the reports indicated that the collaborators of Ledger (Wyre and Changelly) had halted huge amounts in consumer funds.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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