Could you please clarify which security arguments drove such decision? And also which banks (jurisdiction, tier) were considered / rejected?
I am sorry, I could not. This is information not to be disclosed anyway.
I also believe that having all parts of the system in one hands which know well both fiat and crypto matters is a good thing instead of outsourcing it elsewhere.
I am curious which arguments were that critical to outweigh the regulatory complexity of getting a bank license (even in off-shore) with all capital and reporting burden plus integrating a core banking / cards processing system.
I have some idea what I am talking about and there are plenty of reasons NOT to get into this business. Banking is NOT an outsourcing business.
Another question - who / how often will audit the reserve fund?