- Crypto.com applies for OCC charter to enhance custody and staking services.
- Crypto.com surpasses Coinbase in trading volume, pushing for institutional growth.
- OCC’s approval signals growing regulatory support for crypto companies’ ambitions.
Crypto.com has applied for a national trust bank charter through the U.S. Office of the Comptroller of the Currency (OCC). This move aims to strengthen the exchange’s custody services and expand its offerings for institutional investors. According to Crypto.com, the charter will enhance its custody and staking services across various blockchain protocols, including Cronos, its own Layer 1 blockchain.
Also Read: James Wynn Shocks Crypto World with $25,000 XRP Bet After Bold New Discovery!
Expanding Regulatory Footprint to Attract Institutional Investors
The exchange’s push for the OCC license follows a trend set by other major crypto companies, including Coinbase and Ripple, who have also sought regulatory approval to operate within the U.S. financial system.
Crypto.com intends to position itself as the preferred choice for managing Digital Asset Treasuries and Exchange Traded Funds, targeting corporate and institutional investors.
Strengthening Crypto.com’s Leadership in the Digital Asset Market
This effort to gain regulatory recognition aligns with Crypto.com’s broader strategy of solidifying its standing in the digital asset market. With $83.9 billion in transactions in September, surpassing Coinbase’s $78.9 billion, Crypto.com continues to experience significant growth. In October, it maintained this lead, processing $94.3 billion compared to Coinbase’s $80.5 billion.
Crypto.com’s application follows a series of approvals from the OCC, most recently granting conditional approval to Erebor Bank, backed by venture capitalist Peter Thiel. Under the leadership of Jonathan Gould, the OCC has shown a willingness to support digital asset companies seeking to engage in regulated banking activities.
This latest move by Crypto.com not only aims to enhance the company’s custodial offerings but also signals its intention to lead in the institutional sector of the crypto market. The exchange’s growing prominence, along with its regulatory ambitions, positions it as a key player in the future of digital asset management.
Also Read: XRP Breaks Out with Major Bullish Momentum – Could This Be the Next Big Rally?
