- A bank based in the US state of Wyoming has announced that it will soon start offering Bitcoin
- 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.
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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
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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.
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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.