Coinbase has applied for a national trust charter from the Office of the Comptroller of the Currency, joining other cryptocurrency companies. If approved, Coinbase could offer new products like payments with regulatory clarity. CEO Brian Armstrong aims for Coinbase to become a super app, offering various financial services. The trust charter would allow Coinbase to operate as a national trust company, offering custody and asset management services nationwide. However, it would not permit lending or insured deposits. Coinbase’s Institutional Product Vice President Greg Tusar stated that the company does not have banking ambitions despite the application. Armstrong envisions Coinbase as a bank replacement for individuals, offering more efficient financial services than traditional banks. He questions why credit card transactions cost 2-3% and believes crypto can revolutionize the financial system.

Read more at Yahoo Finance: Coinbase Takes Major Step Towards Super App Ambition With Banking License Application