Core Insights - Crypto.com has filed an application with the OCC for a National Trust Bank Charter, aiming to expand its custody business rather than operate as a traditional bank [1][2][3] - The potential federal regulatory approval could attract more institutional clients to its custody solutions and enable new staking options [1][4] - The community has shown cautious optimism regarding the banking license, as evidenced by a brief spike in the value of its CRO token following the announcement [5][6] Company Strategy - The CEO of Crypto.com emphasized the focus on building a regulated and secure product and service portfolio, indicating a strategic shift towards custody services [2][3] - The company aims to leverage its new custody role to offer additional services, such as token staking across multiple blockchains [4] Market Context - The OCC has become more crypto-friendly, allowing banks to custody digital assets, which may increase the likelihood of Crypto.com obtaining the banking license [6] - The trend of crypto-native firms seeking banking charters is growing, with other companies like Ripple and Coinbase also pursuing similar paths [2][6]