Crypto bank Juno has asked its clients to move their crypto assets to a new custodian, sell their holdings, or keep them on their own.
Wyre, once valued at $1.5 billion, has faced significant setbacks in recent months. One-click payment company Bolt dropped its buyout deal with the company in September. Then, according to Axios, Wyre allegedly said in December that it would liquidate its employees in January and end its offerings. Juno’s decision comes after Wyre prepares to close its doors in the coming weeks. The company is changing its custodian because it anticipates that Wyre will run into trouble due to a reduction or termination of operations.
Crypto Bank Suspends Transactions
Crypto bank Juno, in light of the move of assets to a new custodian; told its clients to sell their crypto assets or keep them to themselves.
The platform stated in its latest Twitter thread that it still has $1.25 million worth of crypto assets on its platform. Juno has also taken other measures for user safety, including temporarily disabling the purchase of crypto on its platform and converting stablecoins to US dollars into government-insured accounts of users with up to $250,000 FDIC insured through its partner bank.
1/ Update on @JunoFinanceHQ in the last 24 hours
At Juno, we aim to be the easiest and fastest on and off-ramp for crypto. ~90% of our crypto native users have always used Juno as an on and off-ramp.
Juno offers these services via its banking and crypto partners.
— Juno (@JunoFinanceHQ) January 4, 2023
Juno’s team has already started working with a new unidentified custodian. Client funds will be transferred from Wyre to the new custodian in the coming weeks. The bank stated that it plans to switch to a new crypto partner and is working to resume cryptocurrency transactions as soon as possible.
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