Coinbase Discussing Application for Banking License

Coinbase, the cryptocurrency exchange platform met with US regulators today in order to discuss applying for a banking license according to the Wall Street Journal.

The firm met with regulators at US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss a national banking charter application.

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With the banking license, Coinbase would be able to not only expand its line of service but would eliminate the need for them to find a banking partner that would allow it to conduct business as a cryptocurrency exchange.

Coinbase just recently began to roll out of wide variety of products for institutional investors. This would help them move forward with larger institutions and hopes to attract these customers to its platforms. Many institutional investors feel more comfortable with “custody partners” which have obtained conventional banking licenses.

On the other side of the fence, obtaining a banking license would open up Coinbase to a litany of new regulations, perhaps offsetting any of the benefits acquired.

Coinbase is currently one of five firms that have received New York’s BitLicense, which is used to facilitate cryptocurrency trading within the highly regulated state.

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