Custodia opens for business without Fed master account

Wyoming digital assets bank is continuing legal action against the US central bank

US Federal Reserve building
Federal Reserve, Washington DC

Crypto services provider Custodia Bank announced it had opened for business on August 11, though the Federal Reserve has blocked much of its proposed business model.

In a social media post, Custodia said it could accept US dollar deposits “in some (but not all) US states”. It is also offering “US government money market fund services”. However, it has not yet begun offering bitcoin custody services, which Custodia intended as its primary commercial activity.

Custodia spokesperson Nathan Miller

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