Custodia Bank announces Bitcoin custody platform launch

Custodia Bank founder and Bitcoin advocate Caitlin Long took to the X platform on Nov. 7 to announce the launch of its Bitcoin custody platform.

According to the announcement, the custody service is said to be designed for businesses such as fiduciaries, investment advisers, fund managers and corporate treasurers.

In-house development

As a non-lending bank, Custodia is introducing an integrated solution that combines Bitcoin custody and U.S. dollar services, although not FDIC-insured, within a single platform. 

The approach is said to streamline user operations and minimize associated risks. It has already received regulatory approval from the Wyoming Division of Banking to launch its Bitcoin custody service, signaling the bank’s ability to provide secure and compliant services.

Custodia Bank also reminds the community that since the platform was developed in-house, it welcomes the community to provide user feedback on the new offering.

The losing suit

In February of this year, Custodia Bank had alleged the Federal Reserve Board had taken actions that were “patently unlawful.” These actions, according to Custodia Bank, are expected to hinder the company’s ability to offer financial services to the digital-assets industry. 

This development occurs within the context of an increasingly rigorous government stance on the cryptocurrency sector in the same time period.