Coinbase has received conditional approval from the Office of the Comptroller of the Currency to pursue a national trust company charter, advancing its plan to become a federally regulated crypto custodian.
The preliminary approval requires the firm to meet strict conditions, including building compliance systems, hiring key personnel and demonstrating robust risk management and anti-money laundering controls.
“We still need final approval… our business will not operate under an OCC charter until we have that final approval,”
Said Coinbase chief legal officer, Paul Grewal.
If granted, the charter would allow Coinbase to operate a non-insured national trust company focused on safeguarding digital assets for clients, without offering traditional banking services like deposits or lending.
The move reflects growing institutional demand for regulated custody solutions, as large investors seek secure and compliant ways to gain exposure to cryptocurrencies.
Coinbase is positioning custody as a more stable revenue stream compared to trading fees, which tend to fluctuate with market cycles.
The firm already provides custody services for several US spot Bitcoin exchange-traded funds and sees further expansion into payments and related services as a key growth opportunity.
At the time of reporting, Bitcoin price was $66,896.40.