Five “SPDI banks” to hit the ground running

At the start of October, Wyoming opened the floodgates to a new type of financial institution that represents a shift bigger than the one from banks to credit unions. While legislators and many businesses welcome the change and see it as an opportunity, some in the banking industry are none too happy, and others even see it as a financial threat.

Going in headlong

As of mid-September, Caitlin Long – a member of the Wyoming Blockchain Coalition – expected five new financial Special Purpose Depository Institutions to apply on the Oct. 1 opening of the chartering process. The opening day marked the beginning of a new kind of financial institution in the United States.

Read more on Wyoming Business Report

sign up

Stay up to date on blockchain banking

WYo Financial will be leading the global blockchain banking and qualified custody market through the Wyoming framework.