Custodia Bank, formerly Avanti, makes use of a unique license from the State of Wyoming to issue cryptographic assets on decentralized networks. The Federal Reserve Board recently denied an application from Custodia to become a member of its payment system. The Fed claims that the company’s proposed business plan and emphasis on crypto assets constituted “serious safety and soundness risks.”
Fed Rejects Crypto Bank’s Application to Join U.S. Payment System
