Crypto banking firm Juno restarts operations after halt
Crypto banking firm Juno has resumed its core crypto services after pausing them a month ago. The resumption of services follows Juno’s partnership with its new crypto custodian, Zero Hash.
According to Juno CEO and co-founder Varun Deshpande, the new partnership with Zero Hash will provide users with a more secure platform experience.
“Given the events of 2022, we are committed to building a secure and compliant on and off-ramp product for the long term growth of the industry.”Juno CEO and co-founder Varun Deshpande
Along with the resumption of crypto services, Juno has introduced several new features, including support for over 35 additional cryptocurrencies, such as SOL, ADA, SHIB, and DOGE, and reduced spreads on new and existing token offerings.
Additionally, the platform now provides a zero-fee trading incentive and a rewards program for every dollar users trade in non-stablecoin tokens.
However, the platform’s team is still in the process of restoring crypto paycheck services and L2 withdrawals and deposits.
In early January, Juno was forced to temporarily halt its services due to the market downturn and the failure of its former crypto custodian, Wyre.
News of Wyre’s shutdown and employee layoffs broke on Jan. 4, with the company’s CEO stating that the firm was still functional but in the process of reducing operations and considering its next steps.
In response to the situation, Juno took measures to secure its users by blocking new purchases and increasing daily withdrawal limits by five times.
New crypto custodian for Juno
Juno’s new crypto custodian Zero Hash, a subsidiary of Seed CX, has registered as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC). It has also registered as a Money Services Business and FX Dealer with FinCEN and is a registered Money Transmitter in over 51 US states.
Zero Hash enables businesses to easily incorporate digital assets into their offerings with low technical effort and no regulatory burden. Some prominent names in the industry, such as MoonPay, Nium, Current, and Sardine, have already been onboarded to the Zero Hash settlement service.
The settlement service supports spot settlement of fiat and cryptocurrencies, as well as a repo, forwards and other product types. It has already been implemented into traditional brokers, single-dealer platforms, FX ECNs, and other institutional trading venues, including Banxa, MoneyLion, and DraftKings.
The Zero Hash lending infrastructure helps automate collateral management and loan settlement, reducing counterparty risk and simplifying the acceptance of multiple forms of collateral for neo-banks, broker-dealers, payment groups, and non-financial consumer brands.