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Cryptocurrency Firms and Legacy Financial Institutions Worldwide Make Crypto Moves
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Two cryptocurrency firms filed applications this week with the Office of the Comptroller of the Currency to become federally regulated banks in the U.S. The first, BitPay, a bitcoin payments company, submitted an application for the BitPay National Trust Bank, to be headquartered in Georgia. The second application was submitted by Paxos, a stablecoin issuer and cryptocurrency services firm, for the Paxos National Trust. As a next step in the process, each application will undergo a 30-day comment period.
In the U.K., two major financial services providers have announced plans to launch an institutional-grade custody solution for cryptocurrencies, called Zodia Custody. According to a press release, Zodia would allow institutions to invest in cryptocurrency assets, including transaction and settlement activities.