Coinbase revealed it can now form a bank.
Coinbase received the final nod from the Office of the Comptroller of the Currency in order to go ahead with its Coinbase National Trust Company.
This means it has met its application requirements as set out by the federal regulator.
Earlier in the year, Coinbase received a conditional OCC approval.
Coinbase Bank
A new banking entity for Coinbase means it will extend its stablecoin and digital asset operations.
In the initial preliminary approval granted back in April, it was indicated that the U.S. exchange wished to undertake further custody related services for digital assets.
Until now, this was performed by a Coinbase entity regulated by the New York Department of Financial Services (NYDFS), similar to several stablecoin issuers in the space.
It remains to be seen how USDC stablecoin and Coinbase stablecoin services will be used.
Over the summer, Coinbase resigned the agreement with Circle on a revenue sharing model.
This could be one of the last few updates following the U.S. midterms and holidays coming up.
Recently, the OCC granted full approval to Ripple.
