Reserve

Bank AI

Bitcoin

<ul> 
 <li>Caitlin Long argues that banks, as regulated custodians, are essential.</li> 
 <li>Custodia, as per the company’s Twitter, is now only accessible to businesses.</li> 
</ul> 
<a href="https://thenewscrypto.com/bitcoin-news-custodia-bank-ceo-criticizes-fed-over-fednow-exclusion/" target="_blank" rel="noopener noreferrer nofollow">Custodia</a> stated on Friday that it is now taking deposits in U.S. dollars from clients in certain locations and will shortly begin providing Bitcoin custody services. The crypto-friendly bank is now offering services for US government money market funds to its clients. CEO of Custodia, <a href="https://www.linkedin.com/in/caitlin-long-" target="_blank" rel="noopener noreferrer nofollow">Caitlin Long</a> argues that banks, as regulated custodians, are essential despite the industry’s penchant for regulatory theater. 
For the same reasons that custodians in the securities business are banks rather than trust corporations or other non-bank organizations, she told, “Custodia has always believed the custodians in this industry will ultimately be banks.” 
Custodia, as per the company’s Twitter, is now only accessible to businesses and is not yet live in all 50 states, as they are launching “slowly and carefully.” 
<h3 class="wp-block-heading" id="h-ongoing-legal-battle">Ongoing Legal Battle</h3> 
The crypto-friendly bank’s approach is at odds with the crypto industry’s mantra of “moving fast and breaking things,” as described by Long, since “banks offer customers superior protections to non-banks.” A jubilant tone permeated today’s statement, which detailed their accomplishment of a long list of duties that are now obsolete. 
Despite today’s victory, Custodia is still challenging the <a href="https://thenewscrypto.com/federal-reserve-requires-approval-for-banks-engaging-in-stablecoin/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve</a> over repeated rejection of the bank’s application to join FedWire due to serious threats to the system’s safety and soundness. 
She is now in the midst of a legal battle with the Fed, who, in Long’s opinion, are trying to “turn tail and run” and “make an example” of Custodia. Eight other fintech firms, including four in the cryptocurrency industry, have had their attempts to open a master account with the Federal Reserve blocked. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/shib-pumped-19-over-last-week-is-it-too-late-to-buy/" target="_blank" rel="noopener noreferrer nofollow">SHIB Pumped 19% Over Last Week, Is It Too Late to Buy?</a>

Crypto-friendly Bank Custodia Expands Services With Bitcoin Custody

Table of Contents

TheNewsCrypto

Other articles published on Aug 12, 2023

Bitcoin, BCH, and Litecoin Fall After LTC Halving, Traders Joining the Winning Side With QUBE

Some Crucial Tips Before Making Cryptocurrency Investments

Circle CEO Reveals 70% of USD Coin Adoption Comes from Non-U.S. Markets.

Analyzing Dash Crypto in 2023: A Game-Changer Ahead?

Worldcoin Will Face Tough Questions On Its Ambitious Project

BRICS: A New Gold-Backed Currency For Trade Could Be Coming

Join our free newsletter for daily crypto updates!