According to ChainCatcher and reported by CrowdFund Insider, the board of crypto bank Custodia Bank voted this week to further reduce its operational scale and retain capital in response to the significant crypto policy reforms that the new Washington government is about to introduce. The bank stated that this move will preserve its core businesses, including its banking license, API-based real-time payment and Bitcoin custody platform, and banking-issued stablecoin patents.
Custodia Bank founder and CEO Caitlin Long stated that despite facing multiple unwarranted delistings from banks, she is satisfied with the team, customer service, and team resilience.
In August this year, influenced by the Biden administration's regulatory policies on crypto assets, Custodia Bank has reduced its staff by 9 out of 36 employees to save resources in response to legal proceedings with the Federal Reserve. The bank is striving to obtain main account access, which would allow it to directly access the Federal Reserve's liquidity tools and avoid additional costs incurred through other institutions.