• Castle Island

Building a Qualified Custodian in Wyoming

Joel Revill is the Cofounder and CEO of Two Ocean Trust, a Wyoming Chartered Trust Company offering wealth management services to high-net-worth individuals and family offices.


Two Ocean Trust has recently received a no-action letter from the Wyoming Division of Banking stating the division’s determination that Two Ocean is a “qualified custodian” under the Investment Advisers Act of 1940 and the SEC Custody Rule. This letter states the division’s determination that Two Ocean may provide custodial services for digital assets under Wyoming law, including virtual currency and digital tokenized securities. In this episode:

  • Joel’s background and the genesis of Two Ocean Trust

  • Current gaps in the market as far as digital asset custody is concerned

  • The significance of Two Ocean’s No-Action letter from the State of Wyoming

  • What Qualified Custody actually means, and why it matters

  • Why Wyoming is a great place to start a business pertaining to digital assets

  • The history of the SPDI Charter – and why Two Ocean did not opt for the SPDI

  • Why high net worth individuals are buying Bitcoin today

  • Joel’s current monetary outlook – and why Bitcoin is more than just a hedge