KEY POINTS
- The US Office of the Comptroller of the Currency approved Coinbase to become a nationally chartered trust bank.
- The charter allows payments and custody services but not regular deposits or loans.
- Circle Internet Group and Ripple also hold trust charters, while Block and Wise sought them without success.
Coinbase has received approval from the US Office of the Comptroller of the Currency to become a nationally chartered trust bank, according to Engadget. The crypto company announced the decision itself.
The status is narrower than a full bank charter. Coinbase will not be able to take regular customer deposits or issue loans. It will, however, be allowed to carry out payments and custody services, and it can use the charter to grow its stablecoin business.
