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Commercium Financial Becomes Fourth Wyoming-Chartered Crypto Bank

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

Aug 11, 2021 at 2:08 p.m. UTC
Updated Sep 14, 2021 at 1:38 p.m. UTC

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.”

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