Coinbase Is Now a Chartered Trust Bank

Coinbase is now a chartered trust bank after winning approval from the Office of the Comptroller of the Currency (OCC) to create Coinbase National Trust Company (CNTC).

Coinbase is one of the leading crypto trading platforms, but the company has been working to take the next step, especially as crypto becomes more mainstream.

For over 14 years, Coinbase has safeguarded digital assets at scale, and today, thanks to the continued trust and support of many of the world’s largest financial services firms, we are the leading crypto custodian globally. Custody is foundational to our business and we have built our offering on a sustained commitment to security, compliance, and regulatory oversight.

This charter allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities, and strengthens the regulatory framework under which we serve customers. As crypto becomes more embedded in the financial system, this is an important step towards aligning digital-asset custody with the traditional financial infrastructure on which institutions and individuals know and rely.

The company says the OCC’s approval helps it achieve its vision for the future of finance:

This is an important step forward for Coinbase and the broader crypto industry. Coinbase has always pursued clear, consistent and best-in-class regulatory oversight that will move the financial industry, and American leadership in digital assets forward. The OCC’s approval of the charter helps us progress towards that vision as we work to build the future of finance across Coinbase.

Crypto has increasingly made its way into mainstream finance and investment, making Coinbase’s move an important one. It’s a safe bet other platforms will make similar moves at some point.