Wyoming, USA Approves New “Digital Asset Bank”

Jun 24, 2021 0 comments

Wyoming Deposit & Transfer (WDT), a company that provides custody services for crypto assets (virtual currency) in Wyoming, has been approved by the state authorities to establish a digital bank.

The Wyoming Banking Division has granted WDT approval to establish a bank under the regulatory framework of the Special Purpose Depositary Authority (SPDI). WDT has been approved to launch SPDI following the digital asset bank “Avanti” and the cryptocurrency exchange Kraken.

Special Purpose Depositary (SPDI)

It was newly established by the Wyoming State Capitol in 2019 as a financial institution. Cryptocurrency companies will be able to provide custody and asset management services with legal grounds. It can also handle traditional assets, but it is usually forbidden to lend with the customer’s fiat deposits.

Cryptocurrency Glossary

Simultaneous provision of commercial bank and virtual currency services
Julie Fellows, CEO of WDT, said:

With this approval, we will be able to provide various tokenized assets and custody services of virtual currency and fiat currency at the same time as the business of commercial banks. This will meet the demands of credit institutions and small and medium-sized blockchain digital asset venture companies.

According to a press release, WDT and its technology partners will provide the regulated, secure and transparent custody and remittance solutions that credit institutions need to trade cryptocurrencies on their behalf.

Justin Culver, WDT’s Head of Technology, explained:

Our superior technology integrates high-quality digital asset custody and commercial banking business to enable users to safely deposit, trade, transfer and store a wide range of digital assets including virtual currencies. Provide a platform.

Governor of Wyoming also owns cryptocurrency

Wyoming is known as one of the states that are active in cryptocurrencies in the United States, and has succeeded in attracting the “Cardano Research Center”, a research institute of the cryptocurrency Cardano (ADA), and Ripple. In May, Governor Mark Gordon also revealed his possession of cryptocurrencies.

Related bills are also being actively prepared. So far, legislation has been passed that clarifies the application of commercial law to specific types of digital assets, the provisions of banks regarding custody of digital assets, and the official approval of the incorporation of autonomous decentralized organizations (DAOs). doing.

Sourced from ourbitcoinnews.com.

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