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Crypto-banking firm Juno has advised customers to self-custody their digital assets or sell them for cash as it works to migrate customer funds to a new custodian, according to a tweet Wednesday morning.
The decision comes as current Juno custodian Wyre prepares to wind down operations in the coming weeks, Juno CEO and co-founder Varun Deshpande said.
“We are changing custodians because we expect potential issues with Wyre given that they could be reduced or terminated,” Deshpande told CoinDesk.
The Juno team has already started working with a new custodian, which it has not yet identified. The migration of Wyre’s client funds to the new custodian will be complete in the coming weeks, according to Deshpande.
Wyre, once valued at $1.5 billion, has seen significant headwinds in recent months. In September, one-click payment company Bolt dropped its acquisition deal with the company. Then, in December, Axios reported that Wyre allegedly told employees it would liquidate and end its deals in January.
Read more: Crypto banking platform Juno raises $18M in Series A funding
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