CHEYENNE, WY – 10XTS, a blockchain technology company specializing in financial data solutions and digital asset management, is excited to announce that the Wyoming State Division of Banking held a hearing today to review the Special Purpose Depository Institution (SPDI) state bank charter application submitted by Commercium Bank. The hearing marks a significant milestone in Commercium’s journey, an independent financial institution incubated by 10XTS and developed to serve the evolving needs of the digital economy with a blockchain-forward approach.
Since 2018, 10XTS has worked toward establishing a chartered bank capable of bridging the worlds of traditional finance and blockchain technology. After years of planning, intensive regulatory review, and comprehensive documentation, Commercium’s SPDI application stands as a major achievement. Wyoming’s SPDI framework offers a unique opportunity for Commercium Bank to operate as a regulated institution, ensuring security, transparency, and compliance in an industry that demands innovation alongside regulatory clarity.
Commercium Bank: A 10XTS-Incubated Vision for Blockchain-Enabled Financial Services
Commercium Bank’s journey began in spring 2020, when 10XTS dedicated substantial resources toward developing and completing an extensive application for a Wyoming SPDI charter, a designation that enables banks to handle digital assets with robust regulatory oversight. With Wyoming’s progressive stance on blockchain and fintech, the SPDI designation positions Commercium to provide banking solutions for a modern digital asset economy, where demand for compliant, blockchain-integrated services is growing rapidly.
10XTS took an active role in supporting Commercium’s development, recruiting the founding team, sponsoring the creation of corporate entities, coordinating seed investments, and providing the organizational support needed to meet the stringent requirements of a state bank charter application.
“We are thrilled to have reached this important milestone with Commercium Bank’s charter application,” said Michael Hiles, CEO of 10XTS. “We believe Wyoming’s SPDI charter is the ideal pathway for creating a forward-thinking financial institution that can securely manage digital assets while adhering to rigorous regulatory standards.”
An Intensive Regulatory Journey: The SPDI Charter Application Process
The journey toward Wyoming’s SPDI charter was meticulous, involving comprehensive documentation, regulatory compliance measures, and strategic planning to meet the standards required by the Wyoming Division of Banking. Over a period of months, the 10XTS team worked closely with regulators to finalize an application that demonstrates Commercium Bank’s commitment to safety, compliance, and innovation.
The SPDI charter allows financial institutions like Commercium to hold both fiat and digital assets, bridging the gap between traditional banking and the digital economy. SPDI banks operate under a non-lending model, which significantly reduces liquidity risk and aligns well with blockchain-based asset management. The bank’s business model and operations will allow it to offer services such as asset custody, compliance-focused digital asset management, and regulatory reporting for blockchain-based transactions.
10XTS: Pioneering Blockchain-Enabled Banking
10XTS has been committed to exploring blockchain-enabled financial services since 2018, when the company first identified the potential to create a chartered bank. The SPDI charter application for Commercium Bank is the result of years of research, planning, and investment into a banking model that aligns traditional banking with innovative blockchain capabilities.
By developing Commercium, 10XTS aims to create a compliant, secure banking institution that can support the growing demand for blockchain and digital asset management. The SPDI model serves as a promising framework for a safe, regulated approach to digital finance. Commercium Bank will provide services that allow clients to manage both digital and fiat assets seamlessly, fostering a secure bridge between these two worlds.
“The SPDI charter model is groundbreaking, and Wyoming is leading the charge in providing the regulatory framework needed to bring digital assets into the traditional banking ecosystem,” said Hiles. “At 10XTS, we are proud to be at the forefront of this movement, guiding Commercium to become a trusted institution that upholds the highest standards of compliance, transparency, and innovation.”
Commercium Bank: Setting New Standards for Blockchain Finance
Once fully operational, Commercium Bank will cater to clients who seek a banking partner capable of handling the complexities of digital assets within a regulatory framework. As an SPDI-chartered institution, Commercium will focus on areas such as:
- Asset Custody and Safekeeping: Providing regulated custodial services for both digital and fiat assets, ensuring secure storage and compliance.
- Digital Asset Management: Enabling customers to manage blockchain-based assets with the same rigor and regulatory oversight applied to traditional assets.
- Enhanced Compliance and Reporting: Offering robust reporting capabilities in line with federal and state regulations, ensuring transparency in digital asset transactions.
The SPDI designation also provides significant benefits in terms of stability and risk management. As a non-lending institution, Commercium Bank’s operations will focus on holding and managing assets securely without engaging in lending activities, which reduces liquidity risk and supports a safer financial environment for digital assets.
Wyoming’s Leadership in Blockchain Legislation and the Significance of the SPDI Charter
Wyoming has emerged as a leader in blockchain legislation, with forward-thinking laws designed to foster innovation in digital asset management. The SPDI charter was created as a solution for financial institutions that wish to manage digital assets within a compliant framework, addressing the unique needs of the blockchain economy. By submitting a successful SPDI charter application, Commercium Bank has positioned itself to become a major player in the industry, aligned with Wyoming’s commitment to responsible, regulatory-led innovation in blockchain.
The charter hearing is the culmination of years of effort by 10XTS and its partners to build a regulatory-compliant financial institution equipped to meet the needs of today’s evolving financial landscape. The Wyoming Division of Banking’s review brings Commercium Bank one step closer to becoming a fully licensed SPDI, paving the way for secure, regulated, and compliant digital asset banking.
