Custodia Bank unveiled its non-omnibus Bitcoin custody platform on Tuesday, November 7, 2023, following approval from the Wyoming Division of Banking. The segregated custody service is now live and offers individualized Bitcoin Custody Services to its customers.
The bank, formerly known as Avanti Financial Group and based in Cheyenne, Wyoming, was founded by Bitcoin advocate Caitlin Long. It aims to cater to fiduciaries, investment advisers, fund managers, and corporate treasurers with a platform that does not engage in lending. The service offers segregated custody accounts and integrates Bitcoin custody with U.S. dollar services.
Despite facing regulatory challenges earlier this year, including a rejection from the Federal Reserve System in January 2023 due to concerns about high crypto concentration detailed in March 2023, Custodia Bank opened its doors in August 2023. As a digital asset custodian, the bank aims to bridge the gap between digital assets and the U.S. dollar payments system.
The launch of Custodia's Bitcoin custody service follows the move by DZ Bank to offer crypto custody for institutional investors. As it navigates this volatile market, Custodia Bank continues to value user feedback and is keen on adapting to market changes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.