Coinbase Takes Major Step Towards Super App Ambition With Banking License Application

Core Viewpoint - Coinbase is applying for a national trust charter to expand its services and foster institutional adoption of cryptocurrency, aligning with its goal to become a super app for financial services [1][2][3]. Group 1: National Trust Charter Application - Coinbase has joined other cryptocurrency companies in applying for a national trust charter from the Office of the Comptroller of the Currency [1]. - If approved, the charter would allow Coinbase to offer custody, asset management, and related services nationwide under a single license, although it would not permit lending or taking insured deposits [4]. - Currently, Anchorage is the only cryptocurrency company that holds a trust charter, which it received in 2021 [4]. Group 2: Strategic Goals and Vision - Coinbase aims to innovate and expand its product offerings beyond custody, including payments and related services, with regulatory clarity [2]. - CEO Brian Armstrong has expressed a vision for Coinbase to replace traditional banks, positioning it as a primary financial account for users [5][6]. - Armstrong believes that the cryptocurrency industry can provide more efficient financial services than traditional banks, citing high transaction fees as an example of inefficiencies in the current financial system [6][7].