Crypto.com announced that it has filed a National Trust Bank Charter application with the Office of the Comptroller of the Currency (OCC). This application is the most recent step by Crypto.com in extending its commitment as the industry participant focused on ensuring regulatory compliance and adequate customer protection.
Crypto.com confirmed that it is now pursuing a National Trust Bank Charter to advance its custody tech and related customer offerings, such as custody and staking of assets across blockchains and digital asset protocols, like Cronos.
A National Trust Bank Charter will now aim to further position Crypto.com as the custody service “destination of choice,” especially for Digital Asset Treasuries, Exchange Traded Funds, as well as other corporate and institutional investors – all from a “federally regulated service provider.”
Kris Marszalek, Co-Founder and CEO of Crypto.com said that building the Crypto.com product and service portfolio via regulated and secure offerings has been their focus since day one. They are now pleased to take this next step by filing for a National Trust Bank Charter and look forward “to continuing to pursue opportunities to provide customers with the trusted services they require.”
As clarified in the announcement, this filing has no impact on Crypto.com Custody Trust Company’s continued operations and client services “as a Qualified Custodian regulated by the New Hampshire Banking Department as a non-depository trust company.”
Founded in 2016, Crypto.com is is used by consumers worldwide and is the platform that’s committed to enabling the adoption of cryptocurrency via product development.
As reported recently, Crypto.com announced it has recently signed a Memorandum of Understanding (MoU) with Travel Wallet, a South Korean fintech company specializing in digital payments and currency exchange for global travelers.
As part of the partnership, Travel Wallet, which enables users to hold, exchange, and spend more than 40 different currencies via its mobile app and card, will become Crypto.com’s issuing partner in South Korea, launching a co-branded prepaid card that enables users to spend both fiat and crypto globally.
The companies will also collaborate on integrating Crypto.com’s crypto-as-a-service (CaaS) capabilities into Travel Wallet’s app, allowing users to trade digital assets within the platform.
In addition to this, Crypto.com will jointly promote Travel Wallet’s KRW-denominated stablecoin across both ecosystems to “support faster, lower-cost cross-border payments.”
The two firms will also explore a referral and rewards program “to enable mutual user growth across both platforms.”
