Paxos, the cryptocurrency partner of
PayPal Holdings Ltd (NASDAQ:PYPL), has filed an application with the Office of The Comptroller of the Currency (OCC) in order to obtain a charter to form a national bank.
What Happened: The Paxos National Trust would operate out of New York, according to an application first noticed by CoinDesk.
Paxos’ general counsel and chief compliance officer Dan Burstein wrote in a blog post on Wednesday that, if the New York-based company is granted the charter, it would become the “first custodian of digital assets to be regulated at both the state and federal levels.”