Everyone - let's jump into the deep end of the pool!

Like other exchanges, Crypto.com has filed a national trust bank charter application. A national trust bank is a limited-purpose national bank, and as such can provide custody, safekeeping and other fiduciary services nationwide.

Note: it is NOT a full-service commercial bank and does not take FDIC-insured deposits or make traditional loans. Accounts will likely be “skinny” master accounts that do not pay interest payments on account balances or provide overdraft protection.

The filing is not an approval, and Crypto.com’s proposal targets institutional custody rather than consumer deposit accounts. https://finance.yahoo.com/news/crypto-com-files-national-bank-155451459.html #Crypto #CryptoExchanges #CryptodotCcom #NationalTrustBank #Banking #FDIC