Crypto-Friendly American Bank to Begin Offering Bitcoin Custody Services

  • A bank based in the US state of Wyoming has announced that it will soon start offering Bitcoin custody services.
  • The crypto-friendly bank provides services for US government money market funds to its customers.
  • Custodia CEO Caitlin Long argues that despite the regulatory trend in the industry, banks are important as regulated custodians.

A crypto-friendly American bank has taken action to offer Bitcoin services, and the bank’s CEO emphasized the importance of banks for crypto.

Custodia Takes Action for Bitcoin Services

Custodia Bank, based in the US state of Wyoming, has announced that it has started accepting deposits in US dollars from its customers in certain regions and will soon start offering Bitcoin custody services.

The crypto-friendly bank provides services for US government money market funds to its customers. Custodia CEO Caitlin Long argues that despite the regulatory trend in the industry, banks are important as regulated custodians.

Caitlin Long said, due to the reasons why custodians in the securities business should be trust companies or other non-bank institutions instead of banks, “Custodia has always believed that banks will eventually be the custodians in this industry.”

Custodia is now only accessible to businesses and is not yet available in all 50 states as they were launched “slowly and carefully.”

Custodia’s Ongoing Legal Battle

The approach of the crypto-friendly bank contradicts the mantra of the crypto industry, as described by Caitlin Long, of “moving fast and breaking things,” because “banks provide customers with reliable protections in terms of security.” This statement was dominated by an enthusiastic tone and a long list detailing the accomplished tasks that are now unnecessary.

Despite this victory, Custodia is still in a battle with the Fed, as they have rejected the bank’s application to join FedWire due to serious threats to system security and integrity.

Currently, according to Long’s view, Custodia is in a legal battle with the Federal Reserve, which is trying to “turn around and run away” and make Custodia an “example.” Attempts by eight fintech companies, four of which are in the crypto industry, to open main accounts with the Federal Reserve have been blocked.

BREAKING NEWS

$ENSO soon on Bybit spot

$ENSO soon on Bybit spot #ENSO

NEAR Protocol Launches House of Stake on Mainnet — Stake NEAR to Boost Voting Power and Rewards

COINOTAG reported on October 13 that NEAR Protocol has...

Amundi (€2.3T) Enters Cryptocurrency ETF Market with Bitcoin ETF — Europe’s Leading Asset Manager Steps In

COINOTAG reported on 13 October that, according to market...

LEADING EUROPEAN ASSET MANAGER AMUNDI WITH €2.3T AUM TO ENTER CRYPTO ETF MARKET: THE BIG WHALE

LEADING EUROPEAN ASSET MANAGER AMUNDI WITH €2.3T AUM TO...

CME Group Launches SOL and XRP Options (Standard & Micro) with Daily, Monthly & Quarterly Expiries — Oct 13

On October 13, CME Group officially launched trading of...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img