Coinbase Global Receives U.S. Trust Charter
Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) has received regulatory approval to operate as a fully chartered trust bank within the United States.
The U.S. Office of the Comptroller of the Currency has approved Coinbase for a full trust charter, which enables the company to provide bank custodial and payment services.
However, Coinbase Global is not able to act as a full-service bank that can take deposits from consumers and extend loans to people.
Still, the charter enables Coinbase to diversify its products and grow beyond being a crypto exchange that enables investors to trade Bitcoin (CRYPTO: $BTC) and other digital assets.
Coinbase Global is one of several firms in the crypto industry that is pursuing trust-bank status at the federal level in the U.S.
In October of this year, Ripple (CRYPTO: $XRP) received a full trust bank charter.
Coinbase had received provisional approval for a trust bank charter in April of this year. It has now secured a full charter.
COIN stock has declined 58% over the last 12 months to trade at $134.76 U.S. per share.
This story was originally published by CryptoProwl. Read the original article.
