🏦 COINBASE NOW OPERATES AS A TRUST BANK IN THE U.S. 🇺🇸
I just saw that Coinbase received final approval from the U.S. banking regulator to operate as Coinbase National Trust Company. The OCC, which oversees national banks in the country, made the charter effective last Friday, and Coinbase announced it yesterday.
In simple terms: it can now hold $BTC and other crypto assets belonging to large clients under federal banking supervision, just as a bank holds its customers’ money. Keep in mind, it’s not a regular bank: it doesn’t take deposits, make loans, or issue stablecoins, and it doesn’t have FDIC insurance either.
My take: this is a huge step. Having the largest exchange in the United States come under federal banking supervision gives crypto a level of legitimacy that seemed impossible just a few years ago.
Do you think this will encourage more major banks to get into crypto, or is that still a long way off?
#Coinbase
I just saw that Coinbase received final approval from the U.S. banking regulator to operate as Coinbase National Trust Company. The OCC, which oversees national banks in the country, made the charter effective last Friday, and Coinbase announced it yesterday.
In simple terms: it can now hold $BTC and other crypto assets belonging to large clients under federal banking supervision, just as a bank holds its customers’ money. Keep in mind, it’s not a regular bank: it doesn’t take deposits, make loans, or issue stablecoins, and it doesn’t have FDIC insurance either.
My take: this is a huge step. Having the largest exchange in the United States come under federal banking supervision gives crypto a level of legitimacy that seemed impossible just a few years ago.
Do you think this will encourage more major banks to get into crypto, or is that still a long way off?
#Coinbase
