The company will be able to operate under a single federal license throughout the country, not several state ones.
The new bank will focus on digital asset custody and fiduciary services.
Coinbase, one of the world’s leading cryptocurrency platforms, reported on April 2 that it obtained conditional approval from the United States Office of the Comptroller of the Currency (OCC) to form the Coinbase National Trust Company. The announcement is part of the company’s strategy to move towards greater regulatory clarity in the digital asset sector.
Greg Tusar, Co-CEO of Coinbase Institutional, pointed out that “the right path for cryptocurrencies is through the system, not around it.” The company emphasized that this step validates its approach of working within the existing regulatory framework and operating with high standards of responsibility.
It must be clarified that the entity will not operate like a traditional commercial bank. Coinbase explicitly clarified that it will not accept deposits from the retail public or engage in fractional reserve banking.
Instead, the new entity seeks to provide uniform federal oversight over assets in custody, which will bring consistency to its custody business and lay the foundation for the development of new products and services, such as payments and related solutions, aimed at both institutional and individual clients.
This decision comes one day after a modification OCC regulatory regulation (effective April 1, 2026), which clarifies and expands the activities permitted by so-called “national trust banks” (national trust banks), eliminating previous ambiguities on non-fiduciary operations.
It is important to contextualize what represents exactly a National Trust Company. It is a national banking entity directly supervised by the OCC, primarily focused on fiduciary services and asset custodywithout the full powers of a commercial bank (such as taking retail deposits or granting loans). In general terms, Coinbase will be able to offer:
- Custody and safekeeping of digital assets (bitcoin, ethereum, stablecoins, etc.) and other financial assets. This includes the secure storage of crypto assets for institutional and individual clients.
- Fiduciary administration of assets in custody, where Coinbase acts as a responsible fiduciary for the assets in its care.
- Services related to asset management, including reporting, settlement and reconciliation of positions.
Coinbase will fully maintain its current oversight under the New York Department of Financial Services (NYDFS) through its BitLicense, effective since 2015.
In a similar context, the Kraken exchange has also seen recent regulatory advances in the United States. Its subsidiary Kraken Financial obtained, in March 2026, a master account at the Federal Reserve, becoming the first digital asset bank with direct access to central bank payment systemsas reported by CriptoNoticias.
Both decisions illustrate the current trend of major cryptocurrency platforms toward greater integration with traditional financial infrastructure under federal supervision.
Coinbase indicated that it will continue to work closely with OCC staff to meet the outstanding conditions and complete the process.