One of the leading American cryptocurrency exchanges, Coinbase, has announced its application for a national banking license (National Trust Charter) from the Office of the Comptroller of the Currency (OCC). This move aims to expand the company’s range of services beyond custodial solutions and enhance regulatory oversight in the realm of digital finance.
This is reported by Business • Media
Purpose of Obtaining the License and Company’s Position
Coinbase emphasized that it does not intend to become a bank, but seeks to leverage the new opportunities provided by the banking license. It will allow the launch of additional products, including payment services that go beyond traditional asset custody. The company states that this will contribute to increased “regulatory clarity” and attract institutional clients.
“Coinbase is taking a significant step in expanding business opportunities and regulatory oversight beyond the existing system, paving the way for innovation and growth in building a modern financial system based on digital assets,” the company stated.
The company highlighted that its subsidiaries, Coinbase Custody Trust Company (CCTC) and Coinbase Inc, will continue to operate under the supervision of the New York State Department of Financial Services (NYDFS), which has regulated the crypto industry through BitLicense since 2015. This long-standing experience, according to the company, has laid the groundwork for the current application for a federal license.
Development of the Ecosystem and Market Reaction
If approved by the OCC, Coinbase will be able to launch new services more quickly and integrate digital assets into traditional financial instruments. This will also allow the company to unify its regulatory approach for future products and reduce bureaucratic burdens.
Coinbase is not the only company seeking a national banking license: similar applications have already been submitted by market players such as Circle, Paxos, and Ripple. At the same time, banks in the USA have expressed concerns regarding the issuance of banking licenses to crypto companies and have urged the OCC to suspend the review of such applications.
Coinbase’s new strategic move aligns with the broader strategy of the company to develop the digital finance ecosystem. Previously, it introduced the NodeSmith artificial intelligence system for automating blockchain node updates and confirmed its intention to become a “financial super app” that will integrate key services in the digital asset space.