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Search BitPay Says Fintechs Square and PayPal will Drive Bitcoin and other Cryptos to Become Globally Accepted Payment Method The team at BitPay, a blockchain payment technology firm that allows users to accept and send Bitcoin and other cryptocurrencies, notes that even though 2020 was a “rollercoaster of a year for the world,” digital currency remains at the “forefront” of the future of finance. BitPay pointed out that on January 1, 2020, Bitcoin (BTC), the flagship cryptocurrency, opened trading at $7,194.89. And a year later, that value almost quadrupled to $29,001.72, which was by December 31, 2020. BitPay thinks that 2021 will be the year that crypto becomes more widely adopted for payments and other practical use cases. The digital currency payment firm believes that better or improved regulations and enterprises such as Square (NYSE:SQ) and PayPal (NASDAQ: PYPL) will “drive crypto to become an accepted form of payments globally.” ....
Cryptocurrency Firms and Legacy Financial Institutions Worldwide Make Crypto Moves By: Two cryptocurrency firms filed applications this week with the Office of the Comptroller of the Currency to become federally regulated banks in the U.S. The first, BitPay, a bitcoin payments company, submitted an application for the BitPay National Trust Bank, to be headquartered in Georgia. The second application was submitted by Paxos, a stablecoin issuer and cryptocurrency services firm, for the Paxos National Trust. As a next step in the process, each application will undergo a 30-day comment period. In the U.K., two major financial services providers have announced plans to launch an institutional-grade custody solution for cryptocurrencies, called Zodia Custody. According to a press release, Zodia would allow institutions to invest in cryptocurrency assets, including transaction and settlement activities. ....
Bitcoin Payments Startup BitPay Applies for US Banking License Dec 10 2020 · 10:45 UTC by Bhushan Akolkar · 2 min read Photo: Depositphotos You have successfully joined our subscriber list. BitPay has submitted the complete paperwork work to the US OCC to establish a federally-regulated bank in Georgia. Crypto companies in the US are now taking the bold route of securing a national banking license. On Tuesday, December 8, BitPay filed for the paperwork with the US Office of the Comptroller of the Currency (OCC) to build a federally regulated bank. As per the legal notice published in the Atlanta Journal-Constitution, the proposed banking entity will be named BitPay National Trust Bank. Its headquarters will be in Alpharetta, Georgia. Also, there’s filing states a 30-day comment window for the OCC director to respond. ....
News Bitcoin (BTC) payments giant BitPay aims to form a national trust bank, based on its recent filing with the United States Office of the Comptroller of the Currency. “We confirm BitPay has filed an application with the United States Office of the Comptroller of the Currency (OCC) to establish BitPay National Trust Bank,” BitPay general counsel and chief compliance officer, Eden Doniger, told Cointelegraph. “A national trust bank is a limited purpose national bank that engages in trust activities.” A representative for the OCC told Cointelegraph that the office received BitPay s application on Dec. 7. With its limited operations, a national trust bank does not, for example, need to purchase FDIC insurance required of most banks. ....