BitGo, Ripple Join Wave of Firms Applying for US Bank Charters

Payments and Stablecoin company Ripple Labs Inc. and Crypto Custodian Bitgo Inc., applied for national bank regulations and participated in the oppression of new financial services companies looking for such approval.

Bitgo, which has already reported Bloomberg News, ignores billions of dollars of cryptoassets for customers, weighing a public offer as soon as possible this year.

The institutional structure of the scouts includes a trust company that is already one in New York and the other in South Dakota.

Bitgo refused to interpret which of the two confidence companies had applied to the office of the currency auditor to approval for a national bank. The regulatory spokesman confirmed that a file was received from Bitgo without giving further details.

A Ripple spokesman confirmed that the company has applied to become a national bank in the United States. OCC refused to comment on Ripple’s petition beyond saying “Ripple also received a Novo Charter application for the National National Bank”.

In addition, if the Novo application is approved, a transformation will involve the transition from a type of statute to another, while a transformation will see the creation of a brand new asset.

Ripple also said he had also applied for a federal reserve master account that will provide more access to the traditional US financial system. A Fed spokesman did not respond immediately to the request for comment. Ripple News was first reported by Wall Street Journal on Wednesday.

Ripple and Bitgo, Circle Internet Group Inc. And Wise PLC joins the ranks of the PLC, and the Biden administration has the opportunity to obtain licenses because the closed door policy of Biden has changed under President Donald Trump.

Brad Garlinghouse, Chairman of the Ripple Executive Officer, said that if the Fed Master’s account is approved in a mission in the social media platform X, the firm will allow the company to directly regulate Stablecoin reserves with the Central Bank and that Ripple’s Rlusd Stablecoin will provide an additional security layer to Future Poep Trust ”.

“Ripple will always continue to build a reliable, tested and safe infrastructure in the war, and Garlinghouse will continue and continue. “In a market of 250 billion dollars, Rlusd stands out to set the arrangement in the first place by setting the standard expected by institutions.”

With the help of Yizhu Wang.

This article was created from an automatic news agency feeding without changing the text.