Disrupters: crypto banking with Juno (formerly OnJuno)

The crypto bank Juno (formerly OnJuno) sits at the intersection of banking and crypto, and prides itself on providing financial freedom as well as access to fair and transparent financial services. Juno is a three year old startup disrupting the world of banking. And on this episode of The Yield – Disrupters, one of the co-founders Siddharth Verma joins us to discuss what’s next for Juno.

Key Takeaways:

[4:51] Democratizing financial access by tapping into the regulated route. 

[5:55] The insanely powerful proposition behind Juno’s offerings, and dealing with the naysayers. 

[14:06] How Juno can offer a 6% return despite volatility in crypto. 

[21:19] The pressure that comes from co-founding and heading a new bank. 

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Juno has a mission to democratize financial access and bring the best financial products to their customers in the mainstream retail audience.  But how could they access the same products that are generally reserved for accredited investors?  They decided to build something that regulators would love – an FDIC insured checking account. After one year of banking with no crypto offering, Juno began introducing crypto and today they sit squarely at the intersection of banking and crypto with trusted partner banks and the ability to offer services that are unlike any traditional banking model. 

Siddharth walks listeners through the whole journey of on ramping as well as off ramping, and describes the proposition that comes instantly and at almost zero cost an insanely powerful one.   And as the first bank of its kind to offer such a perfect partnership of traditional banking and crypto, that’s something that people have never experienced before.

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Juno is clearly disrupting banking, but how did they handle the naysayers? With dissenters on both the crypto and the banking side, they have faced plenty of skepticism about how they are democratizing financial access. Discouragement has definitely had its place in the company’s growth, but the passion that comes from being able to offer these products to such a wide audience, combined with powerful investors from both the banking and crypto sides, has kept Juno moving forward. 

But Siddharth is still reluctant to call Juno a disrupter.  Rather, he says, they are just listening to their consumers and users, identifying what is missing in their financial journey, and helping them find a way to obtain what they want. The seamless transition from dollar to crypto makes it possible for users to begin their journey into a crypto native life. And instead of focusing on becoming the next major banking tycoon, Siddharth and the team at Juno keep their focus on making sure that their users are enjoying their banking experience. 
Siddharth shares sage but simple wisdom from his personal experience for new entrepreneurs.  First, hang around smart people- surround yourself with people who can help you achieve your goal.  And second, practice resilience, because resilience is required for anyone who wants to achieve anything. That resilience is what has helped Siddharth manage the anxiety that comes with managing millions of funds, and he shares the steps he had to take to overcome the fears that used to keep him awake at night about hackers stealing the funds he was managing.  It’s never an easy journey for disrupters, but as Siddharth says, it is 100% worth it. 

To learn more about the role that crypto can play in your alternatives portfolio, visit www.yieldstreet.com today.

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Published:

08/05/2022

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