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Crypto giant Coinbase is the latest fintech to apply to the Office of the Comptroller of the Currency (OCC) for a national trust company charter.
Editorial
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The charter would allow the firm to “expand upon our industry-leading Custody business,” opening up opportunities to launch new products, including payments and related services.
However, stresses the firm in a blog: “Coinbase has no intention of becoming a bank.”
The firm, which continues to operate under NYDFS oversight, says: “An OCC charter will streamline oversight for new offerings and enable continued innovation to integrate digital assets into traditional finance.”
Coinbase is one of several crypto firms – including Circle, Paxos and Ripple – to apply for a charter in recent months, taking advantage of more favourable US environment for the sector.
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