Custodia Financial institution unveiled its non-omnibus custody platform on Tuesday, November 7, 2023, following approval from the Wyoming Division of Banking. The segregated custody service is now stay and presents individualized Bitcoin Custody Providers to its prospects.
The financial institution, previously referred to as Avanti Monetary Group and primarily based in Cheyenne, Wyoming, was based by Bitcoin advocate Caitlin Lengthy. It goals to cater to fiduciaries, funding advisers, fund managers, and company treasurers with a platform that doesn’t have interaction in lending. The service presents segregated custody accounts and integrates Bitcoin custody with U.S. greenback companies.
Regardless of going through regulatory challenges earlier this yr, together with a rejection from the Federal Reserve System in January 2023 as a consequence of considerations about excessive crypto focus detailed in March 2023, Custodia Financial institution opened its doorways in August 2023. As a digital asset custodian, the financial institution goals to bridge the hole between digital property and the U.S. greenback funds system.
The launch of Custodia’s Bitcoin custody service follows the transfer by DZ Financial institution to supply crypto custody for institutional traders. Because it navigates this risky market, Custodia Financial institution continues to worth person suggestions and is eager on adapting to market adjustments.
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