HomeCryptoCrypto Bank Juno replaces Wyre with Zero Hash as custodian
Crypto Bank Juno replaces Wyre with Zero Hash as custodian
January 9, 2023
Cryptocurrency banking firm Juno has expanded the list of its supported custodians with the addition of Zero Hash as part of its new modular crypto stack.
The news comes shortly after Juno asked its clients to self-custody or sell their crypto assets for cash in light of its migration to a new custodian. To this end, the crypto platform has temporarily blocked new purchases and increased the daily withdrawal limits by five times for all users.
Juno’s decision came after her former caretaker, Wyre, notified her staff that she was going out of business. She switched partners because she anticipates problems with Wyre as she may be the latest victim of the FTX crash.
The cryptobank has also employed other safeguards, including converting US dollar-denominated stablecoins into users’ government-insured accounts, which are FDIC-insured up to $250,000 via its partner bank.
“Since September 2022 we have been working on building a diversified and modular crypto stack to ensure we are able to offer seamless, secure and reliable on and off ramps for cryptocurrencies. We are integrating Zero Hash’s crypto infrastructure and working to resume cryptocurrency purchases and deposits as soon as possible in the coming weeks,” Juno said in a statement.
Zero Hash has recently registered with the Australian Transaction Reports and Analysis Center (AUSTRAC) as a digital currency exchange provider.
Zero Hash is a subsidiary of Seed CX and has registered the unit as a Money Services Business and FX Dealer with FinCEN. Additionally, Zero Hash is a registered Money Transmitter in over 45 US states.
Zero Hash enables businesses to incorporate digital assets into their product offering with low technical uplift and no regulatory burden. Seed CX’s crypto settlement solution has involved some top names in the industry, including MoonPay, Nium, Current, and Sardine who rely on the crypto infrastructure of Zero Hash.
The Zero Hash settlement service currently supports spot settlement of fiat and cryptocurrencies, as well as for repos, forwards and other types of products. The product had already been implemented into the trading cycle of traditional brokers, single-dealer platforms, FX ECN and other institutional trading venues including tasteworks (now owned by IG Capital), Banxa, Wirex, MoneyLion and DraftKings.
The Zero Hash lending infrastructure also enables neo-banks, broker-dealers, payment groups and non-financial consumer brands to automate collateral management and loan settlement, thereby helping manage counterparty risk and streamlining lending. acceptance of multiple forms of guarantee.