Cryptocurrency Soon To Have Bank Licenses?

Cryptocurrency Soon To Have Bank Licenses?

Cryptocurrency firms are exploring the possibility of acquiring bank licenses.

Summary:
– Two cryptocurrency firms made a meeting with some regulators.
– During the meeting, they discussed their business, they learned about bank charters too.
– The majority of cryptocurrency exchange is operated by Coinbase.

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The largest cryptocurrency exchange in the United States is being operated by the Coinbase. The officials of this cryptocurrency firm met with officials at the United States Office of the Comptroller to discuss important business matters.

The meeting took place early this year, and according to sources, the huge volume traded daily in the said cryptocurrency firm demanded their office to seek for a bank license. Just recently, a payment startup – Ivy Koin LLC – also met with United States officials.

Since Bitcoin’s origin was from the underground business initiated by nerds and criminal to be part of the legal and mainstream trading platform, there is always the high risk of hacking scandals.

Read the entire article here – https://www.wsj.com.