Coinbase applies for U.S. OCC trust company charter…"Will continue integration and innovation with traditional finance"

Coinbase has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter.

On the 3rd (local time), Coinbase said in a statement, "Through the OCC's national trust company charter, we will streamline supervisory procedures for new products and continue innovation to integrate virtual assets (cryptocurrencies) into traditional finance."

Greg Tusa, Coinbase's vice president of institutional products, said, "We are not the first crypto company pursuing federal authorization, nor will we be the last." He added, however, that "Coinbase does not intend to become a bank, and the purpose of the trust company charter is to expand services for institutional customers and secure regulatory clarity."

Previously, Circle, Ripple Labs, BitGo, and Paxos have also applied to the OCC for national trust company charters.