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Crypto Firm Juno Bank Bounces Back

7, February, 2023

in Crypto Business News

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Fiat-to-crypto on-ramp service provider Juno bank has resumed offering the core services it paused in early January following “uncertainty” with its cryptocurrency custodian partner Wyre. The crypto firm has acquired the services of a new crypto custodian, Zero hash.

Juno halted its crypto services in early January as a form of “preemptive action” in the interest of their customers as its former custodian Wyre became another victim of the meltdown caused by the FTX saga. According to a statement by Juno CEO and co-founder Varun Deshpande, the firm promises its clients a more secure experience on the new platform following the 2022 debacle and is committed to building compliance on its on-ramp product.

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Juno bank has reinstated most of its former services

Taking to Twitter, Juno advised its customers to choose between selling their crypto assets for cash or self-custody as the firm worked to migrate to a new custodian. The decision was necessitated by Wyre's preparation to wind down operations in the aftermath of the FTX debacle. This happened after news emerged that Wyre was shutting down and laying off employees. Juno bank said they would switch custodians in preparation for potential challenges with Wyre.

While Juno has reinstated most of its former services, it has yet to reinstate L2 withdrawal and deposits, as well as crypto paycheck services. On the brighter side, though, the crypto firm has introduced additional features such as the support of more than 35 additional cryptocurrencies, including SOL, ADA, SHIB, and DOGE. Also, users can now enjoy a zero-trading-fee incentive and a rewards program per dollar traded when they trade in non-stablecoins.

The industry will weather the storm

As the crypto sphere struggles to remain afloat amidst a historic shock caused by a severe crypto winter and exacerbated by the FTX bankruptcy, there are essential lessons for the industry to learn. Overall, the digital asset industry has undergone a transformational shift beginning in the latter half of 2022, spurring a serious industry cleanup in the wake of numerous high-profile bankruptcies.

In the meantime, the conversation surrounding the regulation of cryptocurrencies around the globe continues as actors demand stringent laws akin to traditional banks and financial institutions.

This latest development by Juno bank is a clear signal that even after being dealt a severe blow by the ongoing FTX contagion, the crypto industry will weather the storm, and things will eventually improve. That’s because the way up usually begins at the point where governance-free conduct leads a sector.

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tom nyarunda

Tom Nyarunda

Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

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