Custodia Bank is a bank that’s okay with cryptocurrency. It was started by someone who really likes Bitcoin. The bank just started a platform to help people keep their Bitcoin safe.
The company started using X (formerly Twitter) on Nov. Custodia Bank is starting a new service for businesses that want to store their Bitcoin. This service is for fiduciaries, investment advisers, fund managers and corporate treasurers.
Custodia Bank got permission from Wyoming Division of Banking to start offering its Bitcoin storage service. The launch is happening soon after that.
Custodia Bank said it is a bank that doesn’t lend money and was made by people who use Bitcoin. It provides separate accounts to keep Bitcoin safe on a special platform made for Bitcoin.
Custodia Bank can hold your Bitcoin and U. S dollars together This platform offers services for handling money in one place. It’s made to make things easier for users and make it safer. Custodia Bank included:
“We are very thankful to those who have given us feedback on our Bitcoin custody platform, which we built ourselves. ”
Custodia Bank got permission to operate in Wyoming after facing a lot of rules and regulations. In January 2023, the Federal Reserve Board said no to the bank’s request to join them. They didn’t think the bank met the right standards. After that, the Fed said no again when Custodia asked them to think about it again.
In a report in March 2023, the Fed’s board said they decided not to approve Custodia’s application because they are worried about banks that do a lot of business in the crypto industry. Custodia Bank started doing business in August 2023, but the Fed stopped it from doing much of what it wanted to do.
Established in 2020, Custodia is a bank that wants to connect digital money with the U. S A system for paying with dollars and a company that keeps digital assets safe. The company used to be called Avanti Financial Group and it is located in Cheyenne, Wyoming.
