The largest US crypto company has won final federal approval to run its custody business under a national trust charter.
The Office of the Comptroller of the Currency has just approved the charter for Coinbase National Trust Company, Coinbase says.
The approval lets Coinbase run its custody business under one federal framework instead of relying on state licenses.
Says Coinbase CEO Brian Armstrong on X,
“Trusted custody is essential for bringing more of the financial system on-chain. Coinbase National Trust Company is another step for building that foundation.”
The company has operated under New York licenses for years, including a BitLicense and a limited purpose trust charter.
Says Coinbase head of prime trading and custody Rick Schonberg,
“As crypto becomes more embedded in the financial system, this is an important step towards aligning digital-asset custody with the traditional financial infrastructure on which institutions and individuals know and rely.”
Coinbase says it has safeguarded digital assets for more than 14 years and is the leading crypto custodian in the world.
Community bankers filed a lawsuit in October challenging the OCC’s approvals of crypto trust bank charters.
Coinbase has a market cap of $36.03 billion dollars. The company’s stock is trading for $136.10 per share at time of writing, up nearly 1% on the day.
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