Crypto Firm Juno Restarts Services After Finding a New Custodian Partner

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

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

Back on Track

Juno temporarily halted cryptocurrency purchases on its platform in early January and auto-converted the stablecoins – USDC, USDT, mUSDC – to USD. It also disclosed problems with its previous custodian – Wyre, encouraging clients to withdraw their assets or transfer them into cold wallets.

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

“We are delighted to restart our crypto services in record time with Zero Hash. With Crypto 2.0, we will focus on offering better platform reliability, more coin diversity, and better crypto prices. 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.”

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

Apart from that, the firm introduced several upgrades, including zero trading fees and improved customer experience. It also added support to over 35 digital currencies, with Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE) being some examples. 

The price of Juno’s native token (JUNO) did not fluctuate after the news, keeping approximately the same level from 24 hours ago. Still, it has surged nearly 30% since announcing the issues in January.

Wyre Also Fixed the Problems

Juno’s ex-custodian partner applied restrictions for users at the beginning of 2022, allowing them to withdraw no more than 90% of their ownings. Clients could take out a maximum of 5 BTC and 50 ETH per day.

Wyre received vital financial support from a “strategic partner” a few days later and restored its “normal course of operations.” It also appreciated the clients’ patience amid the disorder, as well as the crypto community for their “positive sentiments.”

“We’ll continue to operate with transparency and with the best interests of our customers and partners at heart. Thank you for trusting us with your business. We will continue to put our customers first as we return to growth,” it stated.