Paxos Becomes Latest Crypto Firm to File for Federal Bank Charter

Stablecoin issuer and crypto services firm Paxos has filed to become a federally-regulated bank in the U.S.

According to a public document released Wednesday and dated Dec. 8, Paxos is seeking to create the Paxos National Trust, filing an application with the Office of the Comptroller of the Currency (OCC). It joins crypto payments firm BitPay in seeking a federal charter to operate as a bank.

The bank would operate out of New York (where Paxos is already located), according to the filing, and would assist the company which already offers cash custody, cryptocurrency services, digital asset issuance, securities clearing, commodities trading, KYC and other services.

This is a developing story. Check back for more details.