“Legacy banks are made of paper, Augustus is made of code,” the firm’s co-founder, Ferdinand Dabitz, said in a separate statement. The company received the Office of the Comptroller of the Currency’s conditional approval in May to operate a national bank. Augustus acknowledged the FDIC approval in a LinkedIn post Tuesday. As part of the FDIC agreement, Augustus’ banking operations, based in Dallas, will launch with at least $73,660,000 in capital funds. The bank is set to provide deposit and lending products, virtual currency services, payment services and treasury services to digital asset companies, high net-worth individuals, technology companies and international financial institutions, the FDIC said.