Caitlin Long's digital asset bank Custodia raises $7 million

Digital asset bank Custodia raises $7 million, which comes more than a year after its $37 million Series A raise.

on its website that being referred to as a “crypto bank” is a misnomer because it will not take cryptocurrency deposits on its balance sheets. It will instead provide custody services for digital assets.a bank charter from the state of Wyoming to make these banking services possible. The charter means that the firm must comply with regulations such as the Bank Secrecy Act, anti-money laundering laws as well as other rules and regulations.

The bank aimed to launch in the second quarter of this year where it would provide U.S.-dollar deposit accounts for business customers, according to© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Kari McMahon is a deals reporter at The Block covering startup fundraises, M&A, FinTech and the VC industry.

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