Crypto.com Pursues National Trust Bank Charter

On Friday, Crypto.com, a cryptocurrency exchange based in Singapore, announced its intention to apply for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). This move aligns with similar efforts by other established crypto companies.

The company aims to obtain a license that would enable it to promote its advanced custody technology and offer related customer services. This includes custody and staking of assets across various blockchain platforms and digital assets, such as Khronos. For context, Khronos is a layer 1 blockchain supported by Crypto.com, which recently sold roughly $178 million in tokens to Trump Media, the owner of Truth Social.

In seeking the OCC charter, Crypto.com joins the ranks of major players in the crypto sector like Coinbase, Paxos, Ripple, Circle, and BitGo. The exchange anticipates that this license will enhance its position as the preferred custody service for digital asset government bonds, exchange-traded funds, and corporate investors.

Recent data from The Block reveals that Crypto.com has outperformed Coinbase in trading volume in the past few months. In September, it processed $83.9 billion compared to Coinbase’s $78.9 billion. As of October, its trading volume rose to $94.3 billion, while Coinbase lagged at $80.5 billion.

The OCC, currently under the leadership of Jonathan Gould, formerly of Bitfury, has recently given preliminary approval to Erebor Bank. Backed by venture capitalist Peter Thiel, Erebor confirms the OCC’s approach to banks engaging in digital asset activities is not overly restrictive.