The U.S. Office of the Comptroller of the Currency (OCC) has granted Coinbase conditional approval for a national bank trust charter.
Chief legal officer Paul Grewal confirmed the decision on Thursday, acknowledging OCC head Jonathan Gould, who assumed office less than a year ago.
The approval follows similar decisions for Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos last December. Despite gaining the charter, Coinbase says it does not intend to operate as a traditional bank.
The OCC website has yet to reflect any update on Coinbase’s application status. Cointelegraph reached out to the company for comment but did not receive an immediate response.