Crypto.com Files for National Bank Charter Following Circle, Stripe and Coinbase

Crypto exchange Crypto.com has filed a national trust bank charter application with the Office of the Currency Comptroller (OCC), the firm announced on Friday.  The application puts the firm on a growing list of crypto companies—like USDC issuer Circle, crypto exchange Coinbase, and Bridge, the stablecoin arm of private payments company Stripe—which have also sought the national bank charter.

“Building the Crypto.com product and service portfolio through regulated and secure offerings has been our focus since day one,” said Crypto.com co-founder and CEO Kris Marszalek, in a statement. “We are excited to take this next step by filing for a national trust bank charter and look forward to continuing to pursue opportunities to provide customers with the trusted services they require. If approved, the charter would strengthen Crypto.com’s case as the “custody service destination of choice,” the firm said. 

The so-called “skinny” master accounts would come with some limitations, like not including the privileges of interest payments on account balances or overdraft protection.  Earlier this year, Crypto.com relaunched its institutional exchange amid renewed crypto regulatory optimism in the U.S. with the return of the Trump administration. The firm is also making a play in prediction markets, though it was hit with a regulatory setback earlier this month when a Nevada judge ruled against an injunction request.