New license: “Coinbase does not intend to become a bank”

The US crypto exchange Coinbase has filed an application with the Office of the Comptroller of the Currency (OCC) for a National Trust Company Charter, the company announced in an official statement on Friday.
According to the exchange, the approval is intended to help “bridge the gap between the crypto economy and the traditional financial system,” but without changing the company’s direction.
“Coinbase has no intention of becoming a bank,” the statement continues. The company believes that “clear rules and the trust of regulators and customers enable it to operate innovatively while ensuring oversight and security.”
With the license applied for, Coinbase could operate beyond its current custody area in the future. The company aims to enable payment services and related offerings under a unified regulatory framework. According to former Coinbase employee Luke Youngblood, who played a key role in setting up the staking rewards structure, the license would allow Coinbase to “offer its own on- and off-ramps without relying on partner banks.”
Youngblood also emphasized that the Coinbase app has “improved significantly” since his departure in 2022. “You can tell they've hired some of the best developers,” he said in a podcast on Friday.
Want to use the app and buy Bitcoin and other cryptocurrencies? Get €30 in BTC with this Coinbase link.

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