Crypto company Paxos is applying for a national bank trust charter from the Office of the Comptroller of the Currency, the US bank regulator
The company outlined its offer in a blog post Wednesday. Paxos Chief Compliance Officer and General Counsel, Dan Burstein, wrote that “if granted this national charter, Paxos will be the first custodian of digital assets to be regulated at both the state and federal levels.”
“We are very pleased with the benefits a national Trust Bank charter can bring to our business, operations and customer service. Our mission is to modernize the financial market infrastructure and enable the movement of any asset, at any time, in a trustworthy manner,” he continued. “The national Trust Bank charter will help us realize our goals by enabling us to serve customers across the country in the most efficient way.”
The disclosure came hours after The Block reported that BitPay was also seeking to create a national bank charter from OCC.