Bitcoin Custody Platform Launched by Caitlin Long’s Custodia Bank

Custodia Bank Launches Bitcoin Custody Platform

Custodia Bank, a crypto-friendly bank founded by Bitcoin advocate Caitlin Long, has rolled out its BT custody platform. On X (formerly Twitter), the firm announced the launch of its Bitcoin (BTC) custody service targeting businesses like fiduciaries, investment advisers, fund managers and corporate treasurers.

The Wyoming Division of Banking gave Custodia Bank the green light to go live with the service, according to the announcement. The platform is a non-lending bank built by Bitcoiners with segregated custody accounts on its custom-built Bitcoin custody platform.

Custodia Bank is the latest project to join the crypto and blockchain space, as more and more Chinese crypto, daily crypto, Coti crypto, crypto XRP, crypto bankruptcies, and other best crypto sites become popular.

Custodia Bank’s Regulatory Challenges

Custodia Bank offers integrated Bitcoin custody and U.S. dollar services on one platform, designed to simplify user operations and reduce risks. Despite this, the Federal Reserve Board rejected the bank’s 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. This included activities such as crypto net, best crypto sites, cnbc crypto, crypto ethereum, chinese crypto, daily crypto, coti crypto, crypto xrp, crypto bankruptcies, and coval crypto.

Custodia Bank opened for business in August 2023, but the Fed has blocked much of its proposed business model. Founded in 2020, Custodia is a bank aiming to bridge the gap between digital assets and the U.S. dollar payments system and a digital asset custodian. The firm was formerly known as Avanti Financial Group and is based in Cheyenne, Wyoming.

Custodia Bank did not immediately answer to Cointelegraph’s inquiry about coti crypto, crypto xrp, and crypto bankruptcies.