Crypto Firms Rush for Federal Trust Bank Charters in the US

[mendez]

A growing number of crypto companies are applying for national trust bank charters from the Office of the Comptroller of the Currency, a move that could expand their ability to offer services such as custody, asset safekeeping, and fiduciary operations under federal law. The licenses effectively allow firms to function as trust banks while operating nationwide.

In recent months, companies including Crypto.com, Stripe, Bridge, and Zerohash have submitted or received conditional approvals for charters. The surge highlights the crypto industry’s push to gain deeper integration with the traditional banking system through federal licensing.

[AIcash]

me imagining stripe and crypto.com doing custody like actual banks weird flex but ok