Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter

In brief

• Coinbase has received final approval from the Office of the Comptroller of the Currency to charter Coinbase National Trust Company.
• The charter brings Coinbase's institutional crypto custody business under a single federal regulator, building on its existing New York trust charter.
• Coinbase is the latest crypto firm to win a national trust charter this year, after Circle and Ripple, as banking groups challenge the approvals in court.

Coinbase has received final approval from the Office of the Comptroller of the Currency (OCC) to charter Coinbase National Trust Company, the crypto exchange said on Monday.

The OCC approved the application last Friday, according to Coinbase. The firm said the charter will let it expand its custody business, which holds digital assets on behalf of institutional clients, under a federal regulatory framework.

"Custody is foundational to our business," the company said, describing itself as the leading crypto custodian globally. The charter will "bring clear and consistent federal uniformity" to its custody operations, it added.

"Trusted custody is essential for bringing more of the financial system onchain," Coinbase CEO Brian Armstrong tweeted on Monday, calling the trust company "another step for building that foundation."