Crypto.com has applied for a national trust bank charter from the US Office of the Comptroller of the Currency (OCC), according to a statement shared last Friday.
The Singapore-based platform seeks to join the ranks of companies such as Coinbase, Ripple, and Circle in operating under the supervision of a major federal regulator.
The company has stated that the license will allow it to advance its technology and custody offerings, including asset staking on various blockchains, particularly on its own Cronos network.
This push for federal legitimacy comes at a time when Crypto.com is demonstrating significant trading volume, having recently surpassed its rival Coinbase for the second consecutive month.