Singapore-based cryptocurrency exchange Crypto.com (CRO) announced on Friday its intention to apply for a national trust bank charter with the US Office of the Comptroller of the Currency (OCC). 

This move aligns Crypto.com with other major firms in the industry, including Coinbase (COIN), Ripple Labs, stablecoin issuer Paxos, and Sony Bank, who are also pursuing similar charters in the country.

What A National Trust Bank Charter Means For Crypto.com

According to the exchange’s official statement on the matter, the application aims to enhance Crypto.com’s custody technology and expand its customer offerings, which include asset custody and staking across various blockchains and digital asset protocols, such as Cronos. 

A National Trust Bank Charter would establish Crypto.com as a preferred destination for custody services, particularly for Digital Asset Treasuries (DATs), Exchange Traded-Funds (ETFs), and other corporate and institutional investors. Kris Marszalek, Co-Founder and CEO of Crypto.com, stated:

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.

It’s important to note that a national trust bank charter also allows companies to act as fiduciaries, manage assets, and settle transactions, but it does not permit them to accept deposits or extend loans like traditional banks. 

This special-purpose charter is

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Author: Ronaldo Marquez