Coinbase Aims to Expand Crypto Custody Nationwide with OCC License Bid
Coinbase, a leading cryptocurrency exchange, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter. This move aims to expand its crypto custody business across the nation. Meanwhile, Bitcoin (BTC-USD) has hit an all-time high, driving Coinbase's stock to new heights and attracting significant investment in crypto products.
Obtaining this license would enable Coinbase to operate as a federally regulated trust company. This would allow it to offer custody and related banking services across the U.S. under a single federal license, streamlining its operations and expanding its customer base.
Coinbase's stock has been on a roll, closing 1.59% higher at $386.07 on Monday. This marks seven consecutive days of gains for the company. Over the past six trading sessions, Coinbase has surged by over 20%, and year-to-date, it has soared by more than 55%, outperforming the broader stock market indices. This strong performance can be attributed, in part, to the recent record highs reached by Bitcoin and other cryptocurrencies, which have drawn significant investment into the sector.
Coinbase's application for a national trust company charter signals its intent to grow its crypto custody business and solidify its position in the U.S. market. With Bitcoin's recent price surge and Coinbase's strong stock performance, the future looks bright for the cryptocurrency exchange. However, the outcome of the OCC's review process remains to be seen.
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