Custodia Bank

BIG NEWS: Custodia Bank & Vantage Bank have issued America’s first bank-issued #stablecoin on a permissionless #blockchain. * First-ever tokenization of a U.S. bank’s U.S. dollar demand deposits on a permissionless blockchain. * Both banks worked closely with their respective bank regulators to ensure the success of this first-of-its-kind project. * The transactions deployed Custodia's patent, U.S. patent 11392906 (issued July 2022), for the tokenization of U.S. dollar bank deposits on smart-contract type permissionless blockchains. * Test transactions included transfers by a bank customer of its AvitTM tokens into self-custody, transacting with its Avit tokens business-to-business outside the banking system & transferring its Avit tokens back to Custodia's for redemption into U.S. dollar demand deposits. * The banks collaborated on the mint, transfer & redemption of Avit tokens for a bank customer on the Ethereum mainnet using the ERC-20 standard. * The banks complied with all applicable U.S. bank regulatory requirements, including BSA/AML/OFAC, which necessitated designing documentation, policies and procedures that differ from those of current stablecoin issuers. https://lnkd.in/gtRQ_xVX

NEWS: Custodia Bank successfully completed a SOC 2 Type II compliance audit. “It is unusual for banks in the US to obtain SOC 2 certifications, which Custodia has done, & only a small number of US banks typically seek them,” said Caitlin Long, CEO of Custodia. “But as the ‘gold standard’ for technology companies’ security controls, SOC 2 Type II certifications are critical for serving the most tech-forward clients. Custodia is proud to have obtained both the Type I and Type II certifications.” https://lnkd.in/gj-Z_Ta6

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THE BANKS ARE COMING TO BITCOIN! Attention banks that want to enter #bitcoin & #crypto custody in the U.S., now that the SEC is granting "exceptions" to #SAB121 for "several large banks" (per Bloomberg). Here are thoughts on the buy vs build vs rent decision for banks looking to enter: https://lnkd.in/guzfujVe

#Bitcoin2024 is next week & the Custodia Bank team is excited to join Bitcoiners there! Make sure to see Caitlin Long's two talks & catch up with our onsite team. Please see https://lnkd.in/gj-s62s5 or contact us at info@custodiabank.com. (Material is for informational purposes only)

Recently, a wave of companies has been adding #bitcoin to their balance sheets. If your business is among them, trust our robust legal protections and custody your #bitcoin with Custodia Bank. Your Bitcoin will be stored in a segregated wallet with the protections of #Wyoming’s bailment laws.  Our white paper offers more information on the segregated wallet structure of Custodia’s #bitcoin custody service. The material contained herein is for informational purposes only.  Please see https://lnkd.in/gj-s62s5 for more information.

Institutional investors are among the customers that trust Custodia Bank to provide a safe and secure #bitcoin custody service. In addition to bank-level security, they value #Wyoming’s bitcoin-friendly laws, our bank regulatory regime, and address-level asset segregation. Get started here: https://lnkd.in/gj-s62s5 The material contained herein is for informational purposes only. 

Unlike other #Bitcoin custodians, Custodia Bank uses a segregated custody model that allows you to validate your address balances **on-chain.** Did you also know that Custodia's #Bitcoin custody setup allows you to manage your individual #UTXOs? Currently, you can select which UTXOs you want to protect. We’re working on a full set of #Bitcoin #UTXO management features, making UTXO hygiene even easier. This is especially useful in high fee environments & for smaller UTXOs (eg, mining rewards as part of a pool payout). Between the #halving and #Runes launch, #Bitcoin network fees are back to all time highs and it’s critical to have a strategy to manage your #UTXOs and reduce fee expenditure. The material contained herein is for informational purposes only. Please see https://lnkd.in/gj-s62s5 for more information!

Hear our CEO, Caitlin Long, tell CNBC why Custodia Bank's business is still going strong, why it's not giving up on a Fed master account, and how its business model is designed to remove #Herstatt risk from the traditional banking system. 👇 https://lnkd.in/giCkgUN4