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Ripple joins ranks of crypto companies seeking banking licenses in the US
Blockchain payment company Ripple has made another significant move by announcing its pursuit of a national bank charter in the United States. This bold step would allow the company to bypass traditional banks and directly interact with the Federal Reserve, drastically reducing costs and increasing efficiency.
By applying for a national bank charter, Ripple is joining an exclusive group of crypto companies seeking banking licenses in the US, alongside other notable players like Circle, which has also announced plans to establish a national trust bank.
This development comes as Ripple seeks to further solidify its position as a major player in the global payment landscape. With this pursuit, Ripple aims to streamline its payment processes and eliminate intermediaries, ultimately reducing costs for its clients and bolstering its credibility.
The Office of the Comptroller of the Currency (OCC) has confirmed receipt of Ripple’s charter application, signaling that it will undergo rigorous scrutiny before any approval is granted.
Source: bitcoinist.com
