Custodia Bank Now Accepting Dollar Deposits and Offering Money Market Fund Services
Custodia, a crypto-friendly bank, has announced that it is now accepting dollar deposits and will soon provide Bitcoin custody services for customers in select US states. The bank has also started offering US government money market fund services. According to Custodia’s CEO, Caitlin Long, the bank has received approval from bank regulators to hold customer funds, indicating that the institution has met high regulatory standards. The bank is currently available only to business customers and is gradually expanding its services across the country. Long believes that banks, rather than non-bank entities, are the ideal custodians for the crypto industry due to the superior protections they offer to customers.
Key Points:
- Custodia Bank is now accepting dollar deposits and will soon offer Bitcoin custody services.
- The bank has obtained approval from regulators to hold customer funds.
- Custodia is currently available only to business customers and is expanding its services selectively.
- According to Custodia’s CEO, banks are the ideal custodians for the crypto industry due to the superior protections they provide.
- The bank is awaiting final regulatory clearance to launch its Bitcoin custody service.
Hot Take:
Custodia Bank’s acceptance of dollar deposits and its upcoming Bitcoin custody service further solidify the role of traditional banks in the crypto industry. By obtaining regulatory approval and offering superior customer protections, Custodia is positioning itself as a trusted and secure option for crypto enthusiasts. While the bank faces challenges such as a lawsuit against the Federal Reserve, its determination to navigate the regulatory landscape demonstrates its commitment to serving the needs of the crypto community. As Custodia continues to expand its services and gain regulatory clearance, it has the potential to become a significant player in the crypto banking sector.
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