Coinbase joins Ripple and Circle in bid to secure US banking license

Home / News / Coinbase joins Ripple and Circle in bid to secure US banking license

Main meals

Coinbase applied for a national confidence company charter with OCC.
The demand is focused on Coinbase nursery, but if granted, Coinbase will allow the expansion of payments and relevant financial services under federal control.

Coinbase You have been applied To obtain a national trust company charter from the financial observer office (OCC), join Ripple and Circle in following up on federal control to expand digital asset services.

The company, which runs one of the largest encryption exchanges in the world, is organized under a set of state licenses, including the New York Financial Services (NYDFS).

The addition of the National OCC Charter is the highest current New York State licenses that enhance Coinbase’s custody and create opportunities for new products, including payments and relevant services.

The company stated: “Coinbase has no intention to become a bank,” with a focus on its focus on bridging the gap between the encryption economy and the traditional financial system.

Since 2015, NYDFS BitLicense has provided operational control of the encryption companies. Coinbase looks at the OCC Charter as a way to simplify control over new offers and continue innovation in the integration of traditional financing.

Coinbase said: “We are not the first encryption company to seek a federal charter, and we will not be the last,” adding that it will work with OCC employees during the review process and address the comments through the general comment.

Circle, ripples, bito and Paxos are also Seek to achieve bank covenants Amid regulatory changes and increased opportunities to integrate deeper with traditional financing.

Anchorage Digital is the only encryption company that has gained a national trust charter of OCC. CEO, Nathan McCalli, said that achieving the license involves the spending of main compliance and organizational participation.