Crypto.com Pursues US Banking License Joining Ripple and Coinbase
•Cryptocurrency
Crypto.com Seeks US Banking License
Crypto.com, a prominent cryptocurrency exchange, has applied for a national trust bank charter in the United States. This strategic move is designed to enhance its regulated custody and staking services, bringing them under federal jurisdiction.
Key Highlights
- Crypto.com's application would allow it to provide trust and custody services nationwide, bypassing the need for state-specific approvals.
- The national trust bank charter offers a unified federal regulatory framework, streamlining operations for crypto firms.
Amidst evolving regulations, cryptocurrency companies are keen on acquiring these charters to integrate crypto with traditional banking, benefiting from favorable policies under recent administrations.
Similarly, other industry players like Coinbase and Ripple have submitted applications for national trust bank charters, aiming to bolster their payment and settlement services across the country.