The American exchange of currencies, Coinbase, can negotiate with regulators on obtaining a banking license, the Wall Street Journal reported citing unnamed sources. According to their information, the company contacted the Commission on Regulation of Commercial Banks in early 2018.
Coinbase Inc. and another cryptocurrency firm talked with US regulators about the possibility of issuing bank licenses to them. This step would allow start-ups to expand the range of products offered,” writes WSJ.
The second company, which is referred to in the material – Ivy Koin LLC. It uses blockchain technology to handle fiat and cryptocurrency transactions, and also provides customer identification services to financial institutions.
Coinbase is actively developing its business direction, focused on institutional investors. Earlier this week, the company introduced the Coinbase Custody service, designed to store large amounts of cryptocurrency.
A few weeks earlier, Coinbase had launched an over-the-counter trade service, also intended for dealing with large volumes of cryptocurrency.
On May 15, the company opened a new office in Chicago: “Coinbase already provides the deepest pool of liquidity to the largest number of participants in the cryptocurrency area. We intend to continue developing our e-marketplace, also known as Coinbase Markets, by opening a new engineering unit in Chicago.”
Earlier WSJ published information that Coinbase plans to become an regulated exchange broker.
The US government recently began to study the possibilities of cryptocurrencies in more detail, and the SEC in turn began to scrutinize enterprises that are relevant to cryptocurrencies and initial coin offering (ICO).