Custodia Bank Launches Bitcoin Custody Platform
If you’re a fiduciary, investment adviser, fund manager, or corporate treasurer, you’ll be interested to know that Custodia Bank founder and Bitcoin advocate Caitlin Long recently announced the launch of its Bitcoin custody platform. This service is designed for businesses like yours, providing an integrated solution that combines Bitcoin custody and U.S. dollar services within a single platform. While it’s not FDIC-insured, the approach is said to streamline user operations and minimize associated risks. It has already received regulatory approval from the Wyoming Division of Banking, signaling the bank’s ability to provide secure and compliant services. Since the platform was developed in-house, Custodia Bank welcomes community feedback on the new offering.
The Federal Reserve Board Allegations
In February of this year, Custodia Bank had alleged the Federal Reserve Board had taken actions that were “patently unlawful,” expected to hinder the company’s ability to offer financial services to the digital-assets industry. This development occurs within the context of an increasingly rigorous government stance on the cryptocurrency sector.
Hot Take: Custodia Bank’s Bitcoin Custody Platform Launch
Custodia Bank’s launch of its Bitcoin custody platform is a significant move for businesses looking for secure and compliant Bitcoin custody solutions. By combining Bitcoin custody and U.S. dollar services, Custodia aims to streamline user operations and minimize associated risks for fiduciaries, investment advisers, fund managers, and corporate treasurers. However, it remains to be seen how regulatory challenges will impact the bank’s ability to provide these services in an increasingly regulated cryptocurrency sector.
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