State of Wyoming, USA, approves another crypto bank: Commercium Financial
State of Wyoming, USA, approves another crypto bank: Commercium Financial By Hannah Perez

The state of Wyoming is once again opening its doors to companies interested in offering financial services with cryptocurrencies. Commercium is now the fourth crypto bank approved by state regulators.

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The western U.S. state of Wyoming has just welcomed another cryptocurrency bank, reiterating its efforts to become the most crypto-friendly location in the country

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The Wyoming Division of Banking has granted Commercium Financial

a special purpose depository institution (SPDI) banking charter. As such, this authorization will allow the Cheyenne-based company to offer services associated with digital currencies.

Welcome Commercium Financial

The company announced about the approval from Wyoming regulators in a press release on Tuesday of this week. According to Commercium Financial

, the new crypto bank charter will allow it to bridge the gap between the digital financial world and traditional banking systems.

This charter allows us to implement a unique set of technology solutions that connect traditional banking systems with tokenized assets and securities

,” CEO Jonathan Dever commented on the matter, adding:

Commercium’s mission is to create a fully digital and automated financial institution that offers a combination of traditional banking and products new to the digitization and asset tokenization market. Regulatory compliance is at the core of what we do.

It should be noted that Commercium Financial is not related to the proof-of-work (PoW)-based cryptocurrency of the same name, Commercium (CMM). The Wyoming Division of Banking clarified this information to CoinDesk

in an email.

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Another cryptobank comes to Wyoming

The approval from regulators puts Commercium Financial

on the list of entities licensed as cryptocurrency banks in the state of Wyoming. So far, that’s four crypto companies that have received banking status there.

In September last year, theKraken exchange became the first cryptocurrency company in the U.S. to receive approval. Shortly thereafter, Wyoming regulators granted banking status to <a href=”https://www.diariobitcoin.com/paises/norte-america/estados-unidos/reguladores-de-wyoming-aprueban

-avanti/” target=”_blank” rel=”noopener”>AvantiFinancial, led by cryptocurrency enthusiast Caitlin Long. More recently, Wyoming Deposit and Transfer institution joined this list.

However, it should be noted that to date, none of the applicants have received a certificate of authority to operate, meaning they are not yet open to the public.

When Wyoming-licensed cryptobanks open, they will be able to offer a variety of services with digital assets that are novel to banking industry institutions. Although, SPDIs cannot lend and each bank must hold 100% of its customers’ deposits in reserve.

Wyoming has been at the forefront of cryptocurrency regulation in the United States, establishing a favorable legal framework for businesses in the sector. In addition to licensing the country’s first cryptobanks, the state also marked a milestone this year by becoming the first state in the nation to pass legislation recognizing DAOs.

Before that, in 2019, Wyoming also became the first U.S. state to grant ownership rights to Bitcoin holders.And that same year it passed a bill to recognize cryptocurrencies as fiat money.

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Sources: Press release, Coindesk, archive

Version by Hannah Estefania Perez / DiarioBitcoin

Image by Unsplash