Custodia Bank founder and Bitcoin advocate Caitlin Long announced the launch of its Bitcoin custody platform on the X platform on November 7.
The custody service is said to be designed for businesses such as trustees, investment advisers, fund managers and corporate treasurers, according to the announcement.
As a non-lending bank, Custodia is launching an integrated solution that combines Bitcoin custody and USD services (although not FDIC insured) within a single platform.
The approach is said to simplify user operations and minimize associated risks. It has received regulatory approval from the Wyoming Department of Banking to launch Bitcoin custody services, demonstrating the bank’s ability to provide secure and compliant services.
Custodia Bank also reminds the community that since the platform is developed in-house, it welcomes user feedback from the community on new products.
In February this year, Bank of Trustees Claims the Fed took “clearly illegal” actions. According to the custodian bank, these actions are expected to hinder the company’s ability to provide financial services to the digital asset industry.
This development comes against the backdrop of the government’s increasingly strict stance on the cryptocurrency industry during the same period.