Crypto Firm Juno Restarts Services After Finding New Custodian Partner

Singapore-based cryptocurrency platform Juno has announced that all services are “now up and running again”.

It increased daily withdrawal limits at the start of the year and urged customers to move their holdings to self-custody wallets, citing problems with its previous custodian partner – Wyre.

Back on track

Juno temporarily stopped cryptocurrency markets on its platform in early January and automatically converted stablecoins – USDC, USDT, mUSDC – to USD. It also revealed problems with its previous custodian – Wyre, encouraging customers to withdraw their assets or move them to cold wallets.

In a recent announcement, the platform said “continued support” from its new partner Zero Hash has brought operations back to normal. Co-founder and CEO Varun Deshpande said:

“We are pleased to restart crypto services in record time with Zero Hash. With Crypto 2.0, we will focus on offering better platform reliability, more variety of coins and better crypto prices. Given the events of 2022, we are committed to creating a safe and compliant on- and off-ramp product for the long-term growth of the industry.”

Zero Hash CEO – Edward Woodford – described Juno as a “well-meaning” company and highlighted their mutual efforts to continue services after just three weeks.

Apart from this, the company has introduced several upgrades including zero transaction fees and improved customer experience. It also added support for more than 35 digital currencies, with Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE) being a few examples.

The price of Juno’s native token (JUNO) was flat after the news, holding roughly the same levels as 24 hours ago. However, it is up nearly 30% since the issues were announced in January.

Wyre also fixed the problems

Juno’s former guard mate applied restrictions on users in early 2022, allowing them to withdraw no more than 90% of their holdings. Customers could receive up to 5 BTC and 50 ETH per day.

Wyre received vital financial backing from a ‘strategic partner’ a few days later and renovated the “normal course of business”. He also appreciated customers’ patience amid the disruption, as well as the crypto community for their “positive sentiments.”

“We will continue to operate transparently and with the best interest of our customers and partners at the center. Thank you for trusting us with your business. We will continue to put our customers first as we return to growth,” he said.

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