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Ripple, Circle, BitGo, and Three Other Crypto Companies Approved to Become Trust Banks
Summary: According to Coindesk, five digital asset companies received conditional approval from the Office of the Comptroller of the Currency (OCC) on Friday to transition into federal chartered trust banks. The approved companies include blockchain company Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos. Previously operating under state charters, these companies ...
According to Coindesk, five digital asset companies received conditional approval from the Office of the Comptroller of the Currency (OCC) on Friday to transition into federal chartered trust banks. The approved companies include blockchain company Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos. Previously operating under state charters, these companies will now operate under conditional federal charters. OCC is the only federal agency that grants charters to banks and trusts. OCC official Jonathan Gould stated that OCC will continue to provide pathways for traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with financial developments and supports the modern economy.
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Link: Ripple, Circle, BitGo, and Three Other Crypto Companies Approved to Become Trust Banks [Copy]
