Bitcoin custody service is yet to be launched in Custodia Bank.
The crypto world isn’t ready for hyperbitcoinization, says Caitlin Long.
On a Bitcoin 2023 panel, several authority officials including the CEO of Custodia Bank, Caitlin Long, and the Head of Market Research of Bitcoin Magazine, Dylan LeClair, and others appeared. Caitlin Long announced that the Custodia Bank will be launching a Bitcoin custody service when the ‘hyperbitcoinization’ hasn’t begun yet.
Caitlin Long also added:
“There are certain types of businesses such as investment companies, registered investment advisors, corporate treasurers, and other types of fiduciaries who are required by law to separate asset custody from asset management.”
It seems that the Custodia Bank has already issued a two months notice in April thereby launching bitcoin custody as a customer to its users. One of the Wyoming Special Purpose Depository Institutions (SPDIs) is Custodia Bank which usually announces a notice prior if they aim to begin the custody of any digital asset.
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This declaration began once after the Federal Reserve (FED) received a lawsuit from Custodia Bank. Thereby, the approval would start with the Fedwire network handling millions of transactions per year. This has recorded $1 quadrillion transfers in the year 2022.
However, the crypto bank processes the application within a week to clarify an ‘apparently unlawful delay’ for the count of 19 weeks which preferably prompts FED to the court policies. Meanwhile, Long criticized FED for its behavior during the bank collapses that happened in March. Furthermore, she added:
“The morning of the Silicon Valley bank conducts the head of supervision at the Fed, [Michael Barr]bragged in his anti-crypto speech that Fed-supervised banks don’t have bank runs because they are subject to prudential supervision because the Silicon Valley run was happening.”
Apart from this, the Custodian Bank’s CEO has given a statement that she started this bank being a hardcore Bitcoiner. She says that the world isn’t ready to inhale ‘hyperbitcoinization’ till date.