According to Cointelegraph, Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin advocate Caitlin Long, has launched its Bitcoin custody platform. The bank announced the launch on November 7, targeting businesses such as fiduciaries, investment advisers, fund managers, and corporate treasurers. The launch follows Custodia Bank's recent approval from the Wyoming Division of Banking to go live with its Bitcoin custody service.
Custodia Bank emphasizes that its platform is a non-lending bank built by Bitcoiners, offering segregated custody accounts on its custom-built Bitcoin custody platform. The bank provides integrated Bitcoin custody and U.S. dollar services on one platform, designed to simplify user operations and reduce risks. Custodia Bank has faced regulatory challenges, with the Federal Reserve Board rejecting its application to become a member of the Federal Reserve System in January 2023, citing concerns about banks with a high concentration of activities related to the crypto industry. Despite this, Custodia Bank opened for business in August 2023. Founded in 2020, the bank aims to bridge the gap between digital assets and the U.S. dollar payments system and serves as a digital asset custodian. The firm, formerly known as Avanti Financial Group, is based in Cheyenne, Wyoming.
