- Crypto.com has stated that it will continue to operate as a crypto exchange and financial platform, even as it intends to branch out into banking.
- Trump Media agreed to use Crypto.com’s custody service to hold and stake the tokens in August of last year.
- The move comes amid broader U.S. efforts to bring digital assets further into the traditional financial system.
Crypto.com received conditional approval from the Office of the Comptroller of the Currency (OCC) on Monday to create a national trust bank in the United States.
The crypto exchange announced on Monday that it has received conditional approval on Monday to charter Foris Dax National Trust Bank, which will start doing business as Crypto.com National Trust Bank. The company had applied for the charter back in October last year, and this approval moves it one step closer to operating under direct federal oversight.
If fully approved, the bank will be allowed to hold and safeguard clients' digital assets as a federally regulated institution. This means Crypto.com will be able to offer custody, staking across different blockchains, including Cronos, and trade settlement services within a national banking framework.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said Kris Marszalek, co-founder and CEO of Crypto.com.
Crypto.com added that the approval will not change how its existing custody business operates. It will continue serving clients under regulation from the New Hampshire Banking Department as a non-depository trust company.
The company said it remains focused on meeting regulatory and compliance requirements as it works toward full approval of its National Trust Bank.
Cronos (CRO) traded at $0.07439, down by 1.8% in the last 24 hours. On Stocktwits, the retail sentiment around Cronos remained in ‘bearish’ territory, with chatter at ‘normal’ levels over the past day.
Crypto.com Partners With Trump Media To Expand CRO Use
In late August, Crypto.com had also signed a strategic partnership with Trump Media and Technology Group Corp. to integrate the Cronos token across Truth Social and Truth+.
The companies had stated that Trump Media would launch a rewards program using Crypto.com’s digital wallet, allowing users to convert in-app rewards into CRO and potentially use the token for subscriptions and other services. Trump Media also said it would use Crypto.com’s custody service to hold and stake its CRO holdings, linking the partnership to a broader digital asset treasury strategy.
Federal Push To Bring Crypto Into Retirement Plans
This regulatory milestone for Crypto.com comes as the U.S. government has been taking steps to bring digital assets further into the financial system. In early August, President Donald Trump signed an executive order aimed at making it easier for crypto and other alternative assets to be included in retirement accounts such as 401(k) plans.
Read also: Trump-Linked ‘Board of Peace’ Reportedly Plans To Introduce A Stablecoin For Gaza
For updates and corrections, email newsroom[at]stocktwits[dot]com.