The VeChain (VET) blockchain is making steady progress toward its goal of being the central component of blockchain-based sustainability in the real world.
Indeed, the VeChain Foundation disclosed on January 25 that it would be using the VeChain blockchain in order to achieve the 17 sustainable development goals (SDGs) established by the United Nations (UN).
VeChain enthusiasts are bullish about the network’s prospects in 2023. This confidence is echoed by the VeChain Foundation, which announced that it could weather any crypto market storm with a war chest of assets worth at $397 million as of Q3 2022.
All in all, the native token of the enterprise-grade L1 VeChainThor blockchain, VET, has traded well so far in 2023, climbing over 50% since the start of January.
In spite of the rejection, the bank’s application for a master account remains pending, the bank said in a tweet. A so-called “master account” enables a bank to make international transfers and carry out other important functions. Custodia, headed by Caitlin Long, applied for the master account in 2020 and sued the Fed over the long delay in considering the application in June.
The Fed gave the bank 72 hours to withdraw its application, Custodia said in a statement. It added, “Custodia actively sought federal regulation, going above and beyond all requirements that apply to traditional banks.”
The Fed only issued guidelines for granting master accounts in August, when it became clear that digital asset banks could have a difficult time receiving an account. “Institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review,” the Fed said in a statement at the time.
BNY Mellon bank was approved by the Fed to provide crypto custody services in October, making it the first major U.S. bank to offer custody of digital assets and traditional investments on the same platform. Custodia Bank was founded in Wyoming in 2020, taking advantage of the crypto-friendly state’s 2019 opt-in custody rules for “blockchain banks.”