Commercium Financial Becomes Fourth Wyoming-Chartered Crypto Bank

None of the chartered applicants have received a certificate of authority to operate yet, however.

By Nate DiCamillo

Aug 11, 2021 at 2:08 p.m. UTC

Updated Sep 14, 2021 at 1:38 p.m. UTC

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Nate DiCamillo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Cheyenne-based Commercium Financial has been granted a special purpose depository institution (SPDI) bank charter in Wyoming to handle digital assets.

The bank joins Kraken, Avanti Financial, and Wyoming Deposit and Transfer in receiving charter application approval, but so far none of the applicants have received a certificate of authority to operate, meaning that they are not yet open for business.
Commercium Financial is not related to the proof-of-work cryptocurrency Commercium (CMM), the Wyoming Division of Banking confirmed in an email.
When the Wyoming-chartered crypto banks open, they’ll offer a variety of digital asset services that are novel for the institutions in the banking industry. SPDIs, however, are not allowed to lend, and each bank has to hold 100% of its customer deposits in reserve.
“This Charter allows us to deploy a unique set of technology solutions that connect traditional banking systems to tokenized assets and securities,” Jonathan Dever, Chief Executive Officer of Commercium Financial, said in a press release. “Commercium’s mission is to create a fully digital and automated financial institution that offers a blend of traditional banking and new to the market digitization and asset tokenization products. Regulatory compliance is at the heart of what we do.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nate DiCamillo

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Nate DiCamillo