Crypto: Zerohash Joins Surging List Of Crypto Firms Vying For A Bank Charter

Several crypto companies have secured OCC conditional approval for a banking charter since the GENIUS Act was passed in July, including Circle, Ripple, Bridge and Stripe.

Blockchain infrastructure firm Zerohash has announced it has applied for a US national trust bank charter — a move that could strengthen the company’s position as a crypto payment rail provider to the TradFi sector.

On Wednesday, Zerohash said it is seeking the Office of the Comptroller of the Currency-issued license to operate a federally regulated trust bank, enabling it to expand its stablecoin and custody services to the banks, brokerages and fintechs that it serves.

“With the federal legislative and regulatory landscape for stablecoins and digital assets rapidly maturing, an OCC National Trust Bank charter will permit zerohash to continue to expand its services offerings under a federal framework, including those activities that fall under the GENIUS Act.”

Some of its most notable partners include Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.

The application for “zerohash national trust bank” was submitted on Feb. 27.

A national bank trust charter authorizes a financial institution to engage in fiduciary activities such as trust services, custody and asset safekeeping.

It has been one of the most sought-after licenses since US President Donald Trump signed the stablecoin-focused GENIUS Act into law in July.

The OCC issued conditional licenses to Crypto.com, Bridge and Stripe last month, adding to the banking charters won by Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos on conditional approval in December.

Zerohash’s partner, Morgan Stanley, revealed on Friday that it also applied for a bank charter last month, while financial services firm Payoneer submitted an application on Feb. 24.

Source: CoinTelegraph