CoinVoice has recently learned that, according to CrowdFund Insider, the board of directors of crypto bank Custodia Bank voted this week to further reduce its operational scale and retain capital in response to significant upcoming crypto policy reforms from the new Washington government. The bank stated that this move will preserve its core businesses, including its banking license, API-based real-time payments, and Bitcoin custody platform, as well as its bank-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 of this year, influenced by the Biden administration's regulatory policies on crypto assets, Custodia Bank laid off 9 out of 36 employees to save resources in response to its legal battle with the Federal Reserve. The bank is striving to obtain a master account, which would allow it to access the Federal Reserve's liquidity tools directly, avoiding extra costs incurred through other institutions. [Original link]
