Coinbase (COIN) wins initial OCC nod for trust charter, boosting custody push
Coinbase received initial approval from the OCC for a national trust charter, advancing its goal to become a federally regulated crypto custodian.Summary
Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter. This is a significant step towards operating as a federally regulated crypto custodian, though final approval depends on meeting specific requirements related to compliance, personnel, and risk management. The charter would allow Coinbase to hold digital assets for clients without taking deposits or making loans, catering to institutional investors seeking regulated custody solutions. This move aligns with Coinbase’s strategy to diversify revenue streams beyond trading fees, as custody services offer more stable income. The company already provides custodial services for several U.S. spot bitcoin ETFs, and the demand for regulated custody is growing as more large investors enter the crypto market.
(Source：CoinDesk)