Coinbase signaled on Thursday that it plans to refine its services after receiving conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC).
In a blog post, the San Francisco-based crypto exchange said that it is not becoming a commercial bank. Rather, the charter will provide the firm with “federal regulatory uniformity” when it comes to custodying various types of assets on behalf of customers, it said.
The development underscores how crypto-native companies are becoming increasingly tied to the traditional financial system. Coinbase said that the shift will enable the exchange to create new products that cater to both individuals and institutions.
