Deep Tide TechFlow News, on November 26, according to CrowdFund Insider, the board of directors of crypto-friendly bank Custodia Bank voted this week to further scale back operations and preserve capital in response to the significant upcoming cryptocurrency policy reforms from the new Washington government. The bank stated that this move will preserve its banking license, API-based real-time payment and Bitcoin custody platform, as well as its patented bank-issued stablecoin services.
Custodia Bank founder and CEO Caitlin Long stated that despite facing multiple unjust removals from banks, she is satisfied with the team, customer service, and team resilience. In August of this year, influenced by the Biden administration's cryptocurrency asset regulatory policies, Custodia Bank laid off 9 of its 36 employees to conserve resources in response to legal litigation with the Federal Reserve. The bank is striving to obtain master account privileges, which would allow it to directly access the Federal Reserve's liquidity tools and avoid additional costs incurred through other institutions.