Wyoming regulator grants license to cryptocurrency bank Commercium Financial
Commercium Financial, headquartered in Cheyenne, has received a special depository institution (SPDI) banking license in Wyoming to handle digital assets.
Commercium Financial became the fourth cryptocurrency bank to be licensed to operate in the state by Wyoming's regulator. The company joins Kraken, Avanti and Wyoming Deposit and Transfer, which are also licensed. So far, however, none of the applicants has received a certificate of authority to operate - the companies have not yet begun serving customers in the state.
Wyoming regulator grants license to cryptocurrency bank Commercium Financial
Once opened, Wyoming-registered cryptocurrency banks will offer various services for cryptoassets. However, SPDIs cannot provide loans, and each bank must hold 100 percent of customer deposits in reserve. Commercium Financial CEO Jonathan Dever said in a press release:
"This license allows us to deploy a unique set of technology solutions that connect traditional banking systems with tokenized assets and securities. Commercium's mission is to create a fully digital and automated financial institution that offers a combination of traditional banking and new-to-market digitization and asset tokenization products. Regulatory compliance is at the core of what we do."
Recently, regulators in Wyoming, a state known for being cryptocurrency friendly, approved the launch of the first Autonomous Decentralized Organization (DAO) in the U.S.
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