1/ Update as on June 18, 2024: Synapse Chapter 11 Trustee, Jelena McWilliams, presented the second status report to the US Federal court in the Synapse bankruptcy hearing held on June 14, 2024.
Juno
Crypto-native checking account and ramp platform that ceased operations following partner bank freezes
1.9/ 5
Our score
Weak
What is Juno?
Juno was a hybrid fintech banking and crypto platform designed to bridge traditional personal checking accounts with decentralized finance rails. Launched in 2019, it allowed US users to receive paychecks in crypto, spend cash via a debit card, and convert cash into supported cryptocurrencies without transaction fees. The service ceased all active operations following systemic counterparty failures among its banking-as-a-service intermediaries.
Leadership and backing
The company was founded in 2019 by Chief Executive Officer Varun Deshpande, Chief Technology Officer Ratnesh Ray, and Chief Operating Officer Siddharth Verma. Juno operated primarily within North America, building financial infrastructure that connected retail checking balances directly to onchain wallets.
Account model and network support
Juno functioned through two primary applications: the consumer Juno Account and the developer-facing Juno Pay infrastructure. The platform offered native on-ramps and off-ramps supporting multiple blockchain networks, including Ethereum, Polygon, Avalanche, and Stellar. Account holders could buy or sell assets such as Bitcoin, Ethereum, USDC, Chainlink, Aave, and Uniswap. It also supported direct integrations with self-custody wallets including Ledger, MetaMask, Argent, and Zengo. Users could send crypto portions of paychecks to supported external wallets.
Platform shutdown and counterparty risks
In May 2024, middleware provider Synapse collapsed and filed for Chapter 11 bankruptcy, triggering an immediate freeze of end-user funds held across partner institutions, including Evolve Bank & Trust. The disruption affected more than 50 fintech companies, leaving Juno accounts frozen, bouncing automated clearing house payments, and restricting balance withdrawals. A contemporaneous data breach at Evolve Bank & Trust further exposed personally identifiable information, including names and Social Security numbers belonging to Juno account holders.
After operating with a reduced team for two years to coordinate restitution efforts and support affected users and coordinate with partner banks and legal counsel, Juno officially confirmed its permanent shutdown. The CFPB subsequently initiated a formal restitution process for consumers holding positive balances as of May 17, 2024, while support continued for account statements and other account-related requests.
Founders
Varun DeshpandeCo-founder & CEO
Ratnesh RayCo-founder & CTO
Siddharth VermaCo-founder & COO
Best for:Former users tracking CFPB restitutionArchival account and tax records
Pros and cons
Pros
- Zero transaction fees when converting fiat cash to cryptocurrency
- Direct payroll distribution into self-custody wallets including Ledger and MetaMask
- Multichain support covering Ethereum, Polygon, Avalanche, and Stellar
Cons
- Platform is permanently shut down and does not accept new users
- User balances were frozen following the May 2024 Synapse bankruptcy
- Partner bank breach exposed user names and Social Security numbers
- Heavy counterparty reliance on banking middleware and third-party partner banks
Our review
1.9/5
Weak
Juno offered low-fee cash accounts linked to onchain crypto rails, but it permanently shut down following the 2024 collapse of banking partner Synapse.
Juno launched in 2019 under founders Varun Deshpande, Ratnesh Ray, and Siddharth Verma as a crypto-friendly financial platform combining checking accounts with direct crypto on-ramps. Its core service linked USD balances to assets like Bitcoin, Ethereum, USDC, Aave, and Uniswap across networks including Polygon, Avalanche, and Stellar, letting depositors move between fiat and digital assets at zero transaction fees.
Key strengths included direct crypto payouts to self-custody wallets like Ledger, MetaMask, and Argent, fee-free conversion between cash and crypto, and payment tools like Juno Pay for web3 applications. However, Juno operated through banking-as-a-service intermediaries, leaving depositors reliant on partner infrastructure rather than holding direct deposits.
This arrangement was disrupted in May 2024 when intermediary Synapse collapsed into bankruptcy and partner Evolve Bank & Trust froze end-user accounts across multiple fintech platforms. Juno users faced locked balances, bounced bill payments, and exposure of personal identifiable information during a subsequent data breach at Evolve. Although the CFPB later initiated a restitution process for balances held as of May 17, 2024, Juno later announced its shutdown.
After operating on a reduced footprint for more than two years while navigating the consequences of the Synapse collapse, Juno announced a complete shutdown. The platform is entirely out of service, directing former customers to [email protected] for account statements and to the CFPB for restitution claims.
Specs
| Markets | Spot · unverified |
|---|---|
| Staking / earn | Yes · unverified |
| Mobile app | Yes · unverified |
| Earn / savings products | Yes · unverified |
Not disclosed by the provider: Maker fee, Taker fee, Coins listed, Fiat deposit methods, KYC required, Accepts US customers, Proof of reserves, Licenses & registrations, Security features, Futures & perpetuals, Max leverage (x), Copy trading, P2P market, User protection fund, Referral program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Crypto payroll integration
Allowed users to receive paychecks in cryptocurrency sent directly to preferred external wallets sent directly to external wallets like MetaMask and Ledger.
Zero-fee crypto purchases
Offered zero transaction fees when converting fiat balances into digital assets directly through the checking interface.
Multichain on-ramp rails
Supported direct transfers and transactions across networks including Ethereum, Polygon, Avalanche, and Stellar.
Debit card spending
Provided an integrated debit card tied to users' cash and cryptocurrency accounts for everyday merchant purchases.
Juno Pay
Enabled decentralized applications and external crypto wallets to integrate crypto on-ramps and off-ramps into dapps and crypto wallets.
Inside Juno
Juno Account
A personal checking account product that let users hold USD, spend fiat with an integrated debit card, and execute zero-fee conversions into supported cryptocurrencies.
Juno Pay
A payment infrastructure tool designed for decentralized applications and crypto wallets to integrate on-ramps and off-ramps directly.
Juno Treasury Account
A Juno Treasury Account product listed in Juno's support documentation before services ceased.
Juno screenshots
User reviews
No user reviews yet. Have you used Juno? Share your experience below.
FAQ
Is Juno still operating?
No, Juno has permanently shut down. The platform ended service following the May 2024 collapse of banking-as-a-service provider Synapse and partner bank freezes.
Who founded Juno?
Juno was founded in 2019 by Varun Deshpande, Ratnesh Ray, and Siddharth Verma.
What happened to user funds on Juno?
User funds were frozen in May 2024 following the bankruptcy of intermediary Synapse and restrictions at Evolve Bank & Trust. The CFPB initiated a restitution process for customers holding positive balances as of May 17, 2024.
What cryptocurrencies did Juno support?
Juno supported purchases and transfers for Bitcoin, Ethereum, USDC, Polygon mUSDC, Chainlink, Aave, Uniswap, and Avalanche.
What fees did Juno charge to buy crypto?
Juno offered zero transaction fees when converting fiat cash deposits directly into supported cryptocurrencies.
Which blockchains did Juno integrate with?
Juno connected to networks including Ethereum, Polygon, Avalanche (C-Chain and X-Chain), and Stellar.
Latest from Juno on X
1/ The new Chapter 11 trustee, Jelena McWilliams, presented her initial report to the US Federal court. Her report details out the timeline of events & her interactions with all the relevant stakeholders including partner banks, fintech platforms, regulatory authorities & users.
1/ On May 24, 2024, a hearing took place in the US federal court regarding the ongoing dispute between Evolve and Synapse. While the dispute remains unresolved, significant progress was made during the hearing.
Recent public posts from @JunoFinanceHQ, shown as published. Not reviewed or endorsed by CryptoReview.
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