Custodia Bank on Tuesday said it has received regulatory approval for a Bitcoin custody platform. The Bitcoin custody service is now live, offering segregated (not omnibus) custody accounts. The Wyoming Division of Banking recently provided Custodia Bank with approval to introduce a Bitcoin custody service.
Custodia Bank in an X post on November 7 revealed that its Bitcoin custody platform is now live. The Bitcoin custody service is exclusively built for businesses including fiduciaries, investment advisers, fund managers, and corporate treasurers.
“Custodia is a BANK built by Bitcoiners & we offer segregated (not omnibus) custody accounts on our custom-built Bitcoin custody platform.”
Custodia Bank CEO and founder Caitlin Long shared the exciting news with the crypto community. The community congratulated Caitlin Long for the launch of Bitcoin custody platform amid anticipation of spot Bitcoin ETF approval by the U.S. SEC.
The Bitcoin custody service is currently offered in the U.S. and Custodia Bank had earlier shown interest to expand its services. Being a non-lending bank Custodia Bank offers integrated Bitcoin custody and US dollar services, which is not US FDIC-insured.
Custodia Bank makes history by receiving regulatory approval from the Wyoming Division of Banking to go live with its Bitcoin custody service. The crypto-friendly bank felt grateful to the community for providing support and helping improve services by providing user feedback.
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The US Federal Reserve Board rejected Custodia Bank‘s request to join the Fed system because of its focus on Bitcoin and its lack of FDIC-insured deposits.
In August, Caitlin Long’s bank announced resuming operations, though the Federal Reserve has blocked much of its business model. The approval of the Bitcoin custody service is an added advantage toward Fed acceptance on crypto.
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