Public Mint has a very thorough process to select the key partners that are part of the Custodial Layer. These partners (Banks and Trust Companies) need to fulfil the following requirements:
- State-chartered trust companies, authorized to conduct business in all US states.
- Fully audited SEC Qualified custodians.
- Provide compliance and custody of assets.
- Provide 100% FDIC-insured over the funds under their custody.
- Provide AML and KYC compliance both on cash in and cash out.
- Provide identity verification (CIP) and perform source-of-funds validation (optional)