Paxos and BitPay file applications to become US national banks

posted about 2 months ago
Two cryptocurrency companies, Paxos and BitPay, have recently filed applications with the US Office of the Comptroller of the Currency, seeking a national bank trust charter.

Paxos's chief compliance officer and general counsel, Dan Burstein, wrote "[If] granted this national charter, Paxos will become the first custodian of digital assets to be regulated at both the state and federal levels."

BitPay is willing to form BitPay National Trust Bank based out of Alpharetta, Georgia. The application detailed that the bank would receive around $12 million in total capitalization.
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