Caitlyn Long, President Custodia Bank in Wyoming announces Bitcoin Custody Service
News Report:
Custodia Bank, a cryptocurrency-friendly bank founded by Bitcoin advocate Caitlin Long, has launched its BT custody platform. The firm took to X (formerly Twitter) on Nov. 7 to announce the launch of Custodia Bank’s Bitcoin custody service targeting businesses like fiduciaries, investment advisers, fund managers and corporate treasurers.
The launch comes soon after Custodia Bank earned approval from the Wyoming Division of Banking to go live with the service, the announcement notes. Announcing the news, Custodia Bank emphasized that the platform is a non-lending bank built by Bitcoiners that offers segregated custody accounts on its “custom-built Bitcoin custody platform.”
The statement said that Custodia Bank offers integrated Bitcoin custody and U.S. dollar services on one platform, designed to simplify user operations and reduce risks. Custodia Bank added: “Since we built our Bitcoin custody platform in-house, we’re especially grateful to those willing to help us by providing user feedback.”
Custodia Bank’s approval from the Wyoming Division of Banking follows a series of regulatory challenges for the firm. In January 2023, the Federal Reserve Board rejected the bank’s application to become a member of the Federal Reserve System, saying it was “inconsistent with the required factors under the law.” The Fed subsequently denied Custodia’s request to reconsider its membership application in its system.
Amazing News for Bitcoin
- As a someone who educates people who are new to cryptocurrencyin general and Bitcoin in particular, I know of nothing which causes more anxiety the custodying your own Bitcoin.
- The stakes are high, if you lose your keys, you lose your access, and thus your Bitcoin.
- This anxiety rises with the price.
So this is big news. - Wallets are frequently seen as an impediment to self custody.
- As this author Aila H. so eloquently said:
Self-custody stands for having sole control over your crypto without relying on third-party custodians such as exchanges. That is you are the only one who owns and controls the private keys and mnemonics necessary to access and transfer crypto on a blockchain.
In a self-custody setup, users are responsible for the security and safekeeping of their funds. Self-custody is often seen as a way to reduce counterparty risk and maintain full control over one's assets without relying on a centralized entity.
However, it’s a double-edged sword, as it imposes more obligations on the user who has to ensure that the assets remain safe.
The Hive Wallet is an advantage of Hive over other cryptocurrencies!
- The Hive Wallet has many safety features, the one I tell new people about first is account recovery.
Account Recovery
The other security feature is called account recovery.
This is a process which allows you to recover your account if someone should steal your Master password and change your other private keys, and lock you out of your account. You would need to contact the person or service from whom you purchased the account, as they can help you reset all the passwords and regain control of your account using the identifying information you used to set-up the account. and your previous set of passwords. This must be done pretty quickly to be effective otherwise your account could be drained in a few weeks.
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Other great security features of the Hive wallet include:
Savings account as a security feature.
- Your Hive wallet contains Hive you can transfer instantly to other members of the community, and to an exchange like Binance, Poloniex or Bittrex. But there is another heading in your wallet called the Savings Account. Where you can transfer Hive and once their future withdrawals take two days. It’s like a time lock, if you request it you can't get it right away. This is nice because if all your Hive is there it can't be transferred right away out of your account by someone who steals your active keys. If you check your wallet evey day, you will see a notice that a Savings withdrawal has been initiated, so if you didn't initiate it your wallet has been compromised, but you can stop the theft by using your Master password to change all your private keys, including the compromised Active Key, and then your wallet should be secure again.
Other security features include the Hive Power Down warning, Hive 7 week power down time, Hive Power and others. You can read about these in my article: Hive explained: Article Six: Hive Wallet: convenience and security. at this link
Enjoy the article and feel free to send me a tip if it helps you out.
About 
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance for over fiveyears.
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- Hive is a blockchain based social media platform and Hive is a blockchain which supports multiple social media platforms and pay for earn games and exefcise to earn games.
- Learn more at this link.