TechFlow news — On November 26, according to CrowdFund Insider, Custodia Bank, a crypto-friendly bank, held a board vote this week to further scale down operations and preserve capital in anticipation of major cryptocurrency policy reforms expected under the incoming Washington administration. The bank stated that this move will allow it to retain its banking charter, API-based real-time payment system, Bitcoin custody platform, and its patent for issuing bank-backed stablecoins.
Caitlin Long, founder and CEO of Custodia Bank, expressed satisfaction with her team, customer service, and resilience despite repeated instances of being unjustly de-banked. In August this year, due to the Biden administration's regulatory policies on digital assets, Custodia reduced its workforce from 36 to 27 employees to conserve resources amid its ongoing legal battle with the Federal Reserve. The bank is seeking access to a master account, which would enable direct use of the Fed’s liquidity facilities and eliminate the need for costly intermediaries.
