Custodia Bank, a cryptocurrency-friendly financial institution based by Bitcoin advocate Caitlin Long, has launched its BT custody platform.
The agency took to X (previously Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin (BTC) custody service concentrating on companies like fiduciaries, funding advisers, fund managers and company treasurers.
The launch comes quickly after Custodia Bank earned approval from the Wyoming Division of Banking to go reside with the service, the announcement notes.
Announcing the information, Custodia Bank emphasised that the platform is a non-lending financial institution constructed by Bitcoiners that gives segregated custody accounts on its “custom-built Bitcoin custody platform.”
The assertion mentioned that Custodia Bank provides built-in Bitcoin custody and U.S. greenback companies on one platform, designed to simplify person operations and cut back dangers. Custodia Bank added:
“Since we built our Bitcoin custody platform in-house, we’re especially grateful to those willing to help us by providing user feedback.”
Custodia Bank’s approval from the Wyoming Division of Banking follows a sequence of regulatory challenges for the agency. In January 2023, the Federal Reserve Board rejected the bank’s application to turn out to be a member of the Federal Reserve System, saying it was “inconsistent with the required factors under the law.” The Fed subsequently denied Custodia’s request to reconsider its membership software in its system.
Related: DZ Bank, third-largest German bank, to start crypto custody for institutional investors
In an in depth report in March 2023, the Fed’s board said the decision to reject Custodia’s software was due to concerns about banks with a excessive focus of actions associated to the crypto trade. Custodia Bank opened for enterprise in August 2023, although the Fed has blocked a lot of its proposed enterprise mannequin.
Founded in 2020, Custodia is a financial institution aiming to bridge the hole between digital belongings and the U.S. greenback funds system and a digital asset custodian. The agency was previously often called Avanti Financial Group and is predicated in Cheyenne, Wyoming.
Custodia Bank didn’t instantly reply to Cointelegraph’s request for remark.
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