Today Commercium Bank was approved to receive a Wyoming Special Purpose Depository Institution license by the WY Division of Banking Board in a unanimous decision.
As a significant internal R&D effort, starting in 2018, 10XTS incubated Commercium Bank, first with the exploration of the potential acquisition of an existing banking institution to transform into a fully digital operation.
“I discussed with my board of advisors and stakeholders, but the timing wasn’t right in the market yet,” said Michael Hiles, 10XTS CEO.
Following the signature of the Wyoming SPDI law, the decision was made by 10XTS to build a team around Jonathan Dever as bank CEO. Jonathan had previously joined 10XTS as an advisor in 2019, having formerly served in the Ohio House of Representatives as the Chair of the House Committee for Financial Institutions.
Mr. Dever was hired by 10XTS full time in January of 2020 as the Senior Vice President and Director of Public Affairs for the company until May of 2021, when it became apparent the charter application was likely to be approved following the June 29th hearing.
Commercium Bank represents an opportunity to develop a de novo banking institution atop the core 10XTS software and data solution, XDEX, a governance, risk and compliance solutions layer for distributed ledger networks and blockchain.
“This is an exciting partnership because it directly involves building regulatory compliance processes and workflows with the State, ” said Hiles.
Hiles stated, “We believe this is a wonderfully significant inflection point for everyone, including the Wyoming Division of Banking. This case study can set an example for every government agency for this kind of regulatory compliance.”
Commercium Bank will continue to develop operations and capitalization as an independent team and board of directors with 10XTS working as strategic technology partner to launch banking-as-a-service products like Know Your Customer (KYC) identity verification services and custody of digital assets and tokenized financial instruments.
For more information, contact:
Troy Vanderburg, CRO & Director of Markets