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Coinbase Wins Final Federal Approval To Run Crypto Custody Business Under National Trust Charter
The largest US crypto company has won final federal approval to run its custody business under a national trust charter. The Office of the Comptroller of the Currency has just approved the charter for Coinbase National Trust Company, Coinbase says.
Brief
Coinbase has received the last federal sign-off it required, letting it run custody operations through a national trust charter. The Office of the Comptroller of the Currency granted the Coinbase National Trust Company charter, the company said. Previously it worked under New York permits, including a BitLicense. The federal charter places custody under one federal structure rather than state permits. CEO Brian Armstrong said on X that trusted custody helps bring more of the financial system onto blockchains. Rick Schonberg, who leads prime trading and custody, said the move aligns digital-asset custody with conventional finance. The company says it has kept digital assets secure for over 14 years and calls itself the top crypto custodian worldwide. Separately, community bankers filed suit in October to contest the regulator's clearances of crypto trust bank charters.
Why it matters: The federal approval lets a major crypto firm handle custody under national oversight, a shift relevant to how digital assets fit into traditional finance.
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Terms in this story
- Custody
- Control of the keys or account permissions that authorize transfers.
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