Banking Blockchain Digital News

Wyoming Deposit & Transfer Awarded Bank Charter as a Special Purpose Depository Institution for Digital Assets by Wyoming Division of Banking Unanimous Approval

Wyoming Deposit & Transfer Awarded Bank Charter as a Special Purpose Depository Institution for Digital Assets by Wyoming Division of Banking Unanimous Approval

The new regulated digital asset bank will provide seamless banking and custody solutions across the U.S through an integrated qualified custody and banking platform

Wyoming Deposit & Transfer Corporation (WDT) is pleased to announce it was unanimously granted a new Bank Charter today by the Wyoming Division of Banking under the regulatory framework of a Special Purpose Depository Institution. WDT is the third charter of this type to receive approval.

“The new bank charter will enable Wyoming Deposit & Transfer to provide seamless commercial banking together with custodial services for a wide range of tokenized assets and digital and fiat currencies, meeting the needs of fiduciary institutions as well as small and medium sized blockchain and digital assets ventures, which are the intended audiences for Wyoming’s blockchain legislation,” stated WDT Chief Executive Officer Julie Fellows, an experienced banking executive and regulatory veteran.

Read More: Bakkt Expands Reach of the Digital Wallet Experience to Send Digital Assets to Anyone

“Our framework revolutionizes the way institutions and businesses transact and safely store digital assets,” Fellows said.

WDT and its leading technology partners intend to provide regulated, secure, certain, and transparent custody and transfer solutions that are required for fiduciary institutions to transact in digital assets for their clients, said WDT Chief Technology Officer Justin Culver.

“Our best-in-class technology solutions integrate qualified custody of digital assets with commercial banking solutions to enable clients to safely deposit, exchange, transfer, and custody a broad range of digital assets, including investment securities, cryptocurrencies and others, on a single platform that provides the much-needed visibility and integrated reporting,” Culver said.

Read More: i2c Becomes First Company to be a Visa Fintech Fast Track Member in Four Regions

Fellows said WDT executives were committed to understanding the needs of institutional clients and entrepreneurs and worked with them from the start. Their input helped WDT design product solutions to meet their needs and meet the rigorous regulatory requirements of the Wyoming Legislation and support the development of the digital asset ecosystem.

“The Wyoming SPDI Charter provides a strong regulatory framework to support the growth of digital asset banking activities,” stated Julian Sevillano, Managing Director and Head of Digital Assets Group at Promontory Financial Group, an IBM Company.

WDT also worked with state regulators to ensure compliance.

“We are pleased to have worked closely with the Wyoming Division of Banking to unite the goals of the Wyoming Legislature and regulators with the urgent need for fiduciary institution access to a qualified and regulated digital asset custodian and transfer agent,” Fellows concluded.

Read More: Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights

Related posts

Seesaw Announces Strategic Investment from Providence Equity Partners

Fintech News Desk

Envestnet | Yodlee and Charles Schwab Enter Financial Data Access Agreement

Fintech News Desk
1