JUST_IN : According to coin telegraph Custodia Bank launches Bitcoin custody platform.
Custodia Bank’s launch of Bitcoin custody follows a series of regulatory challenges the firm faced earlier this year. Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin advocate Caitlin Long, has launched its Bitcoin custody platform.
The firm took to X (formerly Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin (BTC) custody service targeting businesses like fiduciaries, investment advisers, fund managers and corporate treasurers.
Custodia Bank started rolling out custody in October 2023 after receiving approval from the Wyoming Division of Banking, Custodia founder and CEO Long told Cointelegraph. "The regulator conducted the statutorily required pre-launch examination of us," the exec said, adding that Wyoming has specific rules that its special-purpose depository institutions must meet before launching custody.
According to the bank's website, Custodia Bank operates as Custodia Digital Services in certain U.S. states, including Washington, Minnesota, Texas and others. The bank also operates as Custodia Bank in other states like California and Wyoming. Eligible users include U.S.-based businesses in states the bank is licensed, and which meets Custodia's customer onboarding requirements, Long noted.
In a detailed report in March 2023, the Fed’s board said the decision to reject Custodia’s application was due to concerns about banks with a high concentration of activities related to the crypto industry. Custodia Bank opened for business in August 2023, though the Fed has blocked much of its proposed business model.
Founded in 2020, Custodia is a bank aiming to bridge the gap between digital assets and the U.S. dollar payments system and a digital asset custodian. The firm was formerly known as Avanti Financial Group and is based in Cheyenne, Wyoming.
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