Crypto Bank Juno replaces Wyre with Zero Hash as custodian
Crypto 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 customers to either self-custody or sell their crypto assets for cash in the light of its migration to a new custodian. To that end, the crypto platform temporarily blocked new purchases and increased the daily withdrawal limits by five times for all users.
Juno’s decision came after its former custodian, Wyre, informed its staff that it was closing the business. It has changed its partner because it anticipates problems with Wyre as it could be the newest casualty of the FTX crash.
The crypto bank has also employed other safeguards, including converting stablecoins to US dollars into users’ government-insured accounts, which are FDIC-insured for up to $250,000 via its partner bank.
“We have been working towards building a diversified and modular crypto stack since September, 2022 to ensure we are able to offer seamless, secure, and reliable on and off-ramp for crypto. We are in the process of integrating Zero Hash’s crypto infrastructure and working towards resuming crypto buys 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 Centre (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. Moreover, Zero Hash is a registered Money Transmitter in over 45 US states.
Zero Hash enables businesses to embed digital assets within their product offering with low technical lift and no regulatory burden. Seed CX’s crypto settlement solution has onboarded some prominent names in the industry, including MoonPay, Nium, Current, and Sardine who rely on Zero Hash’s crypto infrastructure.
The Zero Hash settlement service currently supports spot settlement of fiat and cryptocurrencies, as well as for repo, forwards, and other product types. The product was already implemented into the trade cycle of traditional brokers, single-dealer platforms, FX ECNs, and other institutional trading venues including tastyworks (now owned by IG Capital), Banxa, Wirex, MoneyLion and DraftKings.
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 the counterparty risk and simplifying the acceptance of multiple forms of collateral.