5 major crypto companies just got one step closer to becoming banks
The Office of the Comptroller of the Currency (OCC) gave the green light on Friday for five crypto companies to have national trust bank charters under certain conditions, bringing some of the industry’s biggest players ever closer to the traditional banking sector.
Under conditions, the OCC approved applications submitted earlier this year by stablecoin issuer Circle Internet Group (CRCL) and crypto firm Ripple (RIPL.PVT) to establish their national trust banks, First National Digital Currency Bank and Ripple National Trust Bank, respectively.
The regulator also gave approval for Paxos, crypto custodian BitGo, and Fidelity Digital Assets to convert their state trust licenses into national charters. The decision comes after…
