Caitlin Long’s Custodia Bank launches Bitcoin custody platform

1 year ago

Custodia Bank’s motorboat of Bitcoin custody follows a bid of regulatory challenges the steadfast faced earlier this year.

Caitlin Long’s Custodia Bank launches Bitcoin custody platform

Custodia Bank, a cryptocurrency-friendly slope founded by Bitcoin (BTC) advocator Caitlin Long, has launched its Bitcoin custody platform.

The steadfast took to X (formerly Twitter) connected Nov. 7 to announce the motorboat of Custodia Bank’s Bitcoin custody work targeting businesses similar fiduciaries, concern advisers, money managers and firm treasurers.

The motorboat comes soon aft Custodia Bank earned support from the Wyoming Division of Banking to spell unrecorded with its Bitcoin custody service, the announcement notes.

Announcing the news, Custodia Bank emphasized that the level is simply a non-lending slope built by Bitcoiners and offers segregated custody accounts connected its “custom-built Bitcoin custody platform.”

The connection said that Custodia Bank offers integrated Bitcoin custody and U.S. dollar services connected 1 platform, which is designed to simplify idiosyncratic operations and trim risks. Custodia Bank added:

“Since we built our Bitcoin custody level in-house, we’re particularly grateful to those consenting to assistance america by providing idiosyncratic feedback.”

Custodia Bank’s support from the Wyoming Division of Banking follows a bid of regulatory challenges for the firm. In January 2023, the Federal Reserve Board rejected the bank’s application to go a subordinate of the Federal Reserve System, saying it was “inconsistent with the required factors nether the law.” The Fed subsequently denied Custodia’s request to reconsider its membership exertion successful its system.

Related: DZ Bank, third-largest German bank, to commencement crypto custody for organization investors

In a elaborate study successful March 2023, the Fed’s committee said the decision to cull Custodia’s exertion was due to concerns astir banks with a precocious attraction of activities related to the crypto industry. Custodia Bank reportedly opened for concern successful August 2023, though the Fed has blocked overmuch of its projected concern model.

Founded successful 2020, Custodia is simply a slope aiming to span the spread betwixt integer assets and the U.S. dollar payments strategy and a integer plus custodian. The steadfast was formerly known arsenic Avanti Financial Group and is based successful Cheyenne, Wyoming.

Custodia Bank did not instantly respond to Cointelegraph’s petition for comment.

Magazine: How to support your crypto successful a volatile marketplace — Bitcoin OGs and experts measurement in

View source