Juno Migrates Assets, Encourages Self-Custody for Safe User Funds

• Crypto bank Juno has asked its customers to either sell or self-custody their crypto assets in the light of its migration of assets to a new custodian.
• Juno’s decision comes as Wyre, its current custodian, prepares to close its doors in the upcoming weeks.
• Juno has employed other safeguards for user safety, including temporarily disabling crypto buying on its platform and converting stablecoins to US dollars into users‘ FDIC-insured accounts.

Crypto bank Juno has recently announced that it is transitioning from its current custodian Wyre to a new custodian in the upcoming weeks. The decision comes as Wyre is preparing to close its doors, leaving customers to either self-custody or sell their crypto assets.

In order to ensure the safety of its customers, Juno has taken a number of steps to protect user funds, including increasing the daily crypto withdrawal limits by five times for all users and temporarily disabling crypto buying on its platform. Additionally, the platform has converted stablecoins to US dollars and deposited them into users‘ FDIC-insured accounts.

Juno is a crypto platform that aims to provide users with an easy and fast on and off-ramp for crypto. Currently, 90% of its crypto native users use the platform as an on and off-ramp. To ensure a smooth transition, the team at Juno is already working with an unidentified new custodian to transfer all customer funds from Wyre to the new custodian.

Moreover, Juno has also disclosed that it currently holds $1.25 million in crypto assets on its platform. The platform has been reaching out to its customers to encourage self-custody of their holdings as a way to protect their funds.

The transition to a new custodian is a big step for Juno as it begins to scale and provide more services to its customers. By taking these precautionary steps, Juno is ensuring that its customers remain safe and secure. The platform is committed to providing the best service possible and looks forward to offering more services in the near future.