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Coinbase has obtained a charter to operate as a national trust bank for its custody business, allowing it to hold crypto assets for institutions under the oversight of the Office of the Comptroller of the Currency (OCC).
Simon Taylor, co-founder of 11:FS, noted that Coinbase already holds about 80% of U.S. spot bitcoin ETF assets and will move that business into the new national trust bank.
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The move follows similar efforts by industry peers to seek national trust bank status with the OCC. Rain recently filed for a national trust bank and introduced embedded stablecoin wallets, according to a previous report. Simon Taylor has also commented on service providers affecting transaction costs for retailers in earlier coverage.