Numisma Bank, a new type of state chartered bank specializing in distributing global currencies, has established its headquarters at 1 Sound Shore Drive, in Cos Cob.
Gets special CT banking charter treatment. Numisma obtained a new CT innovation banking charter enabling less regulation its money services for institutions that do not take retail deposits from individuals. It is the second fintech to receive this special CT charter, after Banking Circle which has offices in Stamford.
Gets special Federal Reserve Bank treatment. Numisma also got a special master account approval with the Federal Reserve Bank which is unusual for a Tier 3 bank, but may have been helped by its connections with ex Federal Reserve governor Randal Quarles, who is the co-founder and chairman of Cynosure Group, one of Numisma's key investors.
CT pushes to attract more fintechs. Numisma joins a number of other fintechs, including Digital Currency Group, iCapital, Oasis Pro Markets, Mirador and Tomo Networks, re-locating or expanding in CT. Some (not Numisma Bank) have received CT jobs-based subsidies.
CT is climbing out of a big hole. Job growth in finance in CT is challenging, with many of these fintechs being small start up companies. As of August 2024, there are about 119,000 jobs in finance in the State of CT, still down -18% since the peak in March 2008.
Between the lines: Numisma adds 20 to the CT job count -- slowly but surely.
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