CHEYENNE, WY – 10XTS is proud to announce that Commercium Bank has been officially approved to receive a Special Purpose Depository Institution (SPDI) license by the Wyoming Division of Banking Board in a unanimous decision. This landmark decision represents the culmination of a multi-year research and development initiative by 10XTS to incubate a fully compliant, blockchain-enabled banking institution capable of safely managing digital securities and tokenized assets under Wyoming’s forward-thinking regulatory framework.
The approval positions Commercium Bank as one of the pioneering institutions to hold an SPDI license, designed specifically to enable digital asset banking within a secure, regulated environment. Commercium will serve as a depository and custody institution for digital securities and tokenized assets, leveraging 10XTS’s flagship XDEX solution to ensure comprehensive governance, risk management, and compliance for distributed ledger networks and blockchain-based financial products.
The Evolution of Commercium Bank: 10XTS’s R&D Commitment Since 2018
10XTS’s journey with Commercium Bank began in 2018 as an exploratory R&D effort to establish a compliant, blockchain-native financial institution. Initially, 10XTS considered acquiring an existing bank and transforming it into a fully digital operation to bridge traditional finance and blockchain. However, according to Michael Hiles, CEO of 10XTS, the timing and market conditions were not yet favorable for such a venture.
“In 2018, after discussing the potential acquisition with our board of advisors and stakeholders, we decided that the market wasn’t quite ready for a fully digital transformation of a traditional bank,” Hiles explained. “But the passing of Wyoming’s SPDI law in 2019 opened the door for us to build a de novo institution from the ground up.”
With the support of Wyoming’s SPDI charter law, 10XTS moved decisively, building a team of seasoned professionals and collaborating with regulatory experts to establish Commercium Bank. Today’s approval is a testament to the hard work and vision of the 10XTS team, the regulatory foresight of Wyoming’s Division of Banking, and the State’s commitment to fostering innovation within the financial sector.
Commercium Bank: A New Kind of Financial Institution Built on Blockchain and Compliance
Commercium Bank is uniquely positioned to offer a suite of services centered around the custody and management of digital assets. Utilizing 10XTS’s XDEX platform, Commercium will provide a regulatory-compliant infrastructure for storing and securing digital securities and tokenized assets. The XDEX solution serves as a governance, risk, and compliance (GRC) layer for distributed ledger networks, ensuring that all activities adhere to regulatory standards while protecting customer data and assets.
Hiles emphasized the importance of this milestone, stating, “This is an incredibly exciting partnership with the State of Wyoming because it’s an opportunity to build regulatory compliance workflows and processes in real-time with state authorities.” Commercium Bank will integrate XDEX into its operational framework to provide services such as Know Your Customer (KYC) identity verification, digital asset custody, and tokenized financial instruments. These offerings will support a wide range of clients seeking secure, compliant access to blockchain-based assets.
Setting a New Standard for Regulatory Compliance and Blockchain Integration
The Wyoming Division of Banking’s approval of Commercium Bank represents a new era for regulated digital asset banking and sets a powerful precedent for other states and federal agencies considering similar regulatory models. Hiles noted that this collaboration provides a model for how state and federal agencies can work with technology companies to establish secure, compliant frameworks that enable innovation without compromising oversight.
“We believe this case study can serve as an example for every government agency exploring ways to support regulatory compliance in the digital asset space,” Hiles said. “Wyoming has demonstrated leadership by providing a regulatory pathway for banks to work within the digital asset ecosystem securely and responsibly.”
A Path Forward for Commercium Bank as an Independent Entity
Commercium Bank will continue to develop as an independent institution, with its own board of directors and executive leadership. While 10XTS will remain closely involved as a strategic technology partner, the bank’s independent team will focus on operations and capitalization to establish itself as a trusted entity within the financial ecosystem.
By providing banking-as-a-service products tailored to digital assets, Commercium Bank will offer clients access to essential services within a compliant and secure infrastructure. These services will initially include asset custody, regulatory compliance services, and identity verification tools. As Commercium scales, it is expected to expand its offerings in line with emerging market needs and regulatory guidance.
10XTS’s Vision for the Future of Blockchain and Digital Finance
The approval of Commercium Bank’s SPDI charter validates 10XTS’s vision of bridging traditional financial services with blockchain technology to create a safer, more efficient, and more accessible financial system. The company sees Commercium Bank as an essential piece of this vision, providing a platform for financial institutions, businesses, and individuals to safely engage with digital assets within a regulated framework.
Through XDEX, 10XTS will continue to support Commercium Bank’s operations while pushing the boundaries of blockchain’s potential within compliant frameworks, demonstrating that innovation and regulatory integrity can go hand-in-hand in today’s rapidly evolving digital economy.
