Capital Union, a Bahamas-based bank that apparently holds some of reserves through the Tether (USDT) stablecoin issuer, continues to be itself positively active in the cryptocurrency industry.
The banking institution has folded out crypto buying and selling and child custody services to the professional clients included in the bank’s buying and selling desk, a spokesperson for Capital Union told Cointelegraph on May 31.
“We make use of a couple of selected buying and selling venues and liquidity providers and a number of custodians and technology providers, which enables us to aid quite a number of digital assets included in our buying and selling and child custody services,” the firm’s representative stated.
Capital Union’s crypto-related services still represent a “fairly small portion” of their business, generally centered on supplying traditional wealth management and investment services, the representative noted.
The spokesperson didn’t elaborate either on which cryptocurrencies exactly are supported around the Capital Union’s platform or once they were launched, stating:
“We don’t have a directional take on crypto markets or on any sort of coins but because a forward searching lender have selected to allow our professional clients to exchange this latest asset class whenever they desire to do this.”
Based on the representative, Capital Union has additionally been positively focusing on developing “transactional blockchain related capabilities” because the bank expects this to become a place of “significant disruption for the loan industry.”
Capital Union’s latest crypto-related remarks consume a May 30 report claiming that Tether held a number of its reserves in the Capital Union bank. Their representative declined to verify or deny the bank’s participation in Tether’s operations to Cointelegraph, citing confidentiality reasons. The only real openly available information in the bank is incorporated in Capital Union’s annual reports, the individual added.
Related: Stablecoin supplies and funds reserves under consideration among crypto exodus
Founded in 2013, Capital Union managed $1 billion of assets through the finish of 2020. The financial institution partnered with Chainalysis in April 2022 to guarantee the safe and compliant rollout of their crypto solutions like buying and selling and child custody. Based on the bank’s spokesperson, the Bahamas was among the first nations to consider a regulatory framework referred to as DARE Act in 2020.
“As a in your area controlled bank, this enables us to provide crypto-related services to the clients, that are banking institutions, financial intermediaries and professional investors,” Capital Union’s representative stated.