Crypto Update | Banking Industry Shakeup: Crypto Ties, Acquisitions, Detentions and Regulatory Jurisdiction
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Custodia's New Banking Business Model
The Federal Deposit Insurance Corporation, better known as the FDIC, announced late last night that it had finalized a deal to acquire deposits of failed North Carolina bank SVB. Zuckerman: Custodia is a new thing, what's known as a full reserve special depository institution under Wyoming law. He says they're running banks that if allowed by the US regulator to actually operate as banks won't lend out customer deposits and will just be charged with protecting your money.
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