April 2 (Reuters) – Coinbase Global has received conditional approval from banking regulators for a national trust company charter, Bloomberg News reported on Thursday, in a move that could boost the biggest U.S. cryptocurrency exchange’s appeal among large institutional investors.
Full approval from the Office of the Comptroller of the Currency would let Coinbase operate as a federally regulated crypto custodian.
Greg Tusar, the company’s vice president of product management, told Bloomberg in an interview that a complete nod could also help the firm offer new products such as tokenized securities and allow it to issue stablecoins.
“The ability to have a federal framework for our custody business is important,” Tusar told Bloomberg. “This is about us growing our reach and being able to conduct new business that we may not have been able to before.”
Coinbase did not immediately respond to a Reuters request for comment.
The U.S. has been taking a more crypto-friendly approach since the re-election of President Donald Trump, with regulators easing prior curbs and dialing back enforcement actions.
Earlier this year, Crypto.com also received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed)
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