Custodia Bank Launches Bitcoin Custody Service for Businesses
Custodia Bank, a crypto-friendly bank, announced that it has officially launched its Bitcoin custody platform to customers in select U.S. states.
On November 7, Custodia Bank, formerly known as Avanti Financial Group, announced on X (formerly Twitter) that they have now launched a dedicated platform to cater to Bitcoin custody services aimed at businesses such as fiduciaries, investment advisers, fund managers, and corporate treasurers.
1/ BIG NEWS!! Custodia’s #Bitcoin custody platform recently went live. Custodia is a *BANK* built by Bitcoiners & we offer segregated (not omnibus) custody accounts on our custom-built Bitcoin custody platform. Our whitepaper describes how we're different: https://t.co/O6lgaWdSxK
— Custodia Bank ™ (@custodiabank) November 7, 2023
Founded in 2020 by Caitlin Long, a former managing director at Morgan Stanley, Custodia Bank is based in Cheyenne, Wyoming, with a mission to facilitate digital assets’ integration with the U.S. dollar payments system and provide digital asset custodial services.
In August, the bank announced plans to accept dollar deposits with a focus on serving U.S. business customers. It also hinted at the forthcoming launch of its Bitcoin custody services. As of now, Custodia Bank has received regulatory clearance from the Wyoming Division of Banking to provide Bitcoin custody services. The platform offers segregated custody accounts through its custom-built Bitcoin custody platform, combining Bitcoin custody with U.S. dollar services in a single, user-friendly platform with the aim of simplifying operations and minimizing risks.
The bank’s special-purpose depository institution charter under Wyoming’s crypto-friendly laws passed in 2019 positions Custodia Bank as one of the
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