Introduction
Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin advocate Caitlin Long, has announced the launch of its Bitcoin custody platform. The platform is designed to cater to businesses such as fiduciaries, investment advisers, fund managers, and corporate treasurers.
Simplifying User Operations and Reducing Risks
Custodia Bank's Bitcoin custody platform offers integrated Bitcoin custody and U.S. dollar services on a single platform. The bank emphasizes that it is a non-lending institution built by Bitcoiners. The platform aims to simplify user operations and reduce risks for businesses.
Approval from Wyoming Division of Banking
Custodia Bank recently received approval from the Wyoming Division of Banking to launch its Bitcoin custody service. This comes after a series of regulatory challenges for the firm, including a rejection from the Federal Reserve Board in 2023.
Background on Custodia Bank
Founded in 2020, Custodia Bank aims to bridge the gap between digital assets and the U.S. dollar payments system. The bank also serves as a digital asset custodian. It was formerly known as Avanti Financial Group and is based in Cheyenne, Wyoming.
Custodia Bank did not immediately respond to requests for comment.
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