The U.S. Federal Reserve Board announced on Friday that it has rejected the application of Custodia Bank, Inc. (formerly known as Avanti), a digital asset bank located in Cheyenne, Wyoming, to become a member of the Federal Reserve System. After rejection, Custodia will not be able to access the Federal Reserve payment system. The Federal Reserve determined that the application submitted by the company did not meet the requirements of the law. Experts say Custodia’s failure will be a disappointment to the crypto industry. #whycrypto