Caitlin Long’s Custodia Bank Launches Bitcoin Custody Platform with Web 3.0

Custodia Bank Launches Bitcoin Custody Platform

Custodia Bank, founded by Bitcoin advocate Caitlin Long, has unveiled its BTC custody platform. On Nov. 7, the company announced the launch of the service, which is intended for fiduciaries, investment advisors, fund managers, and corporate treasurers.

The Wyoming Division of Banking granted approval for Custodia Bank to go live with the service. The platform is a non-lending bank built by Bitcoiners, offering segregated custody accounts on a custom-built Bitcoin custody platform.

The launch of Custodia Bank’s Bitcoin custody service brings up the differences between Web 1.0, 2.0, 3.0, and 4.0. It also raises questions about the impact Web 3.0 will have on business.

Custodia Bank: Bridging the Gap Between Digital Assets and the U.S. Dollar Payments System

Custodia Bank is a financial institution that offers integrated Bitcoin custody and U.S. dollar services on a single platform, designed to streamline user operations and reduce risks. This comes after the Federal Reserve Board declined the bank’s application for membership in the Federal Reserve System in January 2023, citing concerns about banks with a large concentration of activities related to the crypto industry.

Despite the setback, Custodia Bank opened for business in August 2023. Founded in 2020, the bank is based in Cheyenne, Wyoming and its mission is to bridge the gap between web 3.0 and the U.S. dollar payments system, as well as act as a digital asset custodian.

Custodia Bank’s approval from the Wyoming Division of Banking indicates the potential impact of web 3.0 on businesses and the differences between web 1.0, 2.0, and 3.0. As the bank continues to grow, it’s expected to bring greater clarity to the differences between web 2.0 and 3.0, and how web 3.0 will affect businesses.

Custodia Bank did not provide a response to Cointelegraph’s inquiry regarding the differences between web 1.0, 2.0, 3.0 and 4.0, the system web mvc 3.0 0.0, and how web 3.0 may influence businesses.