Crypto Bank Juno replaces Wyre with Zero Hash as custodian

[ad_1]

Crypto-banking company Juno has expanded its list of supported custodians with the addition of Zero Hash as part of its new modular crypto stack.

The news comes shortly after Juno asked its customers to self-custody or sell their crypto assets for cash in light of its move to a new custodian. To that end, the crypto platform has temporarily blocked new purchases and increased daily withdrawal limits by five times for all users.

Junos’ decision came after its former custodian, Wyre, informed its staff that it was closing the business. He changed partners as he anticipates trouble with Wyre as he could be the latest victim of the FTX crash.

The crypto bank has also used other collateral, including converting US dollar stablecoins into government-insured user accounts, which are FDIC-insured up to $250,000 through its partner bank.

We have been working on building a diverse and modular crypto stack since September 2022 to ensure we are able to offer a seamless, secure, and reliable on-ramp and exit for crypto. We are in the process of onboarding the Zero Hashes crypto infrastructure and working to resume buying and depositing crypto as soon as possible in the coming weeks, Juno said in a statement.

Zero Hash recently registered with the Australian Transaction Reports and Analysis Center (AUSTRAC) as a digital exchange provider.

Zero Has is a subsidiary of Seed CX and has registered the unit as a Money Services Business and FX Broker with FinCEN. Additionally, Zero Hash is a registered money transmitter in over 45 US states.

Zero Hash enables businesses to integrate digital assets into their product offering with low technical uplift and no regulatory burden. Seed CX’s crypto settlement solution has integrated some prominent names in the industry, including MoonPay, Nium, Current, and Sardine, which are built on the Zero Hashes crypto infrastructure.

The Zero Hash settlement service currently supports spot settlement of fiat and cryptocurrencies, as well as repos, transfers, and other product types. The product has already been implemented in the trade cycle of traditional brokers, single trader platforms, ECN FX and other institutional trading platforms, including tastyworks (now owned by IG Capital), Banxa, Wirex, MoneyLion and DraftKings.

The Zero Hash Lending Framework also enables neo-banks, brokers, payment groups and non-financial consumer brands to automate collateral management and loan settlement, helping to manage counterparty risk and simplifying the acceptance of several forms of guarantee.

[ad_2]