COINBASE APPLYING FOR BANKING LICENSE.
COINBASE : A Cryptocurrency brokerage firm has met with US regulators to discuss applying for a banking license, according to an anonymous source familiar with the matter.
The Wall Street Journal reports that Coinbase, one of the largest in the cryptocurrency industry, met with regulators at the US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss applying for a national banking charter, which preempts state-level financial regulations. Coinbase did not immediately respond to a request for comment.
Acquiring a banking license would expand the line of services that Coinbase could offer its customers and would remove the need for it to find a banking partner willing to work with a firm that offers cryptocurrency trading.
It would also help Coinbase’s sales pitch to the large institutions it hopes to attract to its platforms. The firm has begun to roll out a wide variety of products for institutional investors — including cryptoasset custody — but many institutions feel more comfortable working with custody partners that have conventional banking licenses.
The report also states that cryptocurrency financial services startup ivyKoin met with officials at the Federal Deposit Insurance Corporation (FDIC) in recent weeks, a meeting that ivyKoin President Gary Fan has publicly confirmed.
COINBASE is a US based Cryptocurrency Exchange Broker and Wallet Provider. Founded by Brian Armstrong and Fred Ehrsam on July 2, 2011. It is headquartered in San Francisco California USA. COINBASE has over 13million users and had a networth of over $1billion. It offers Bitcoin, Bitcoin Cash, Ethereum
and Litecoin Trading in over 32 countries worldwide.
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