Juno Clients Should Self-Manage Assets Due To Wyre Partner Risks

Key Points:

• Juno clients are advised to manage their assets as the company is still determining the situation of custodial partner Wyre.
• The action comes after crypto company Wyre announced it would be liquidating.
• Juno’s team has begun looking to work with a new guardian.

Cryptocurrency bank Juno recently advised its clients about self-managing assets. Juno clients are advised to manage their digital assets themselves or sell them for cash as the company is working to move client funds to a new custodian.

It is reported that this action follows the announcement by Juno’s current manager that Wyre is downsizing its operations and will be liquidating. Services will also be available in January 2023.

Facing a market crisis since the collapse of FTX, cryptocurrencies witnessed a sharp decline, and a series of companies, funds, and projects faced liquidity difficulties. Many companies have had to choose liquidation solutions and file for bankruptcy.

“We are switching custodians because we expect potential issues with Wyre given they might be scaling back or winding down,”

Deshpande told CoinDesk.

Juno CEO and co-founder Varun Deshpande also said the company is looking for a new supervisor. Migration of client funds from Wyre to the new custodian will be complete in the next few weeks.

Once valued at $1.5 billion, Wyre has experienced significant headwinds in recent months. In September, one-click payment company Bolt abandoned an acquisition agreement with the company. Then, in December, Axios reported that Wyre allegedly told employees it would liquidate and terminate its services in January.

As updated in an earlier Coincu News article, in full October 2022 crypto checking account provider Juno raised $18 million in Series A funding and launched a native token, JCOIN, as part of its encrypted loyalty program and is offering token airdrops to existing users.

The company also launched its native token, JCOIN to launch its first encrypted loyalty program. JCOIN will only be distributed to verified account holders. Juno members can earn JCOIN for receiving salary in crypto or spending crypto with their Juno debit card.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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