Peer-to-Peer Crypto Payments Platform Metal Pay has applied to become a national bank in the United States
The startup applied for a charter at the Office of the Currency Regulatory Authority (OCC) on February 4 for “First Blockchain Bank and Trust, NA,” CEO Marshal Hyner told Koindesk. It believes the company will be incorporated into the South Dakota Rapid City.
Metal Pay will soon submit an application to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank of San Francisco, Heiner said.
Heiner, however, said Metal Pay was the first to receive a “full” banking license. It wants to accept crypto as well as cash deposits, and it wants these cash deposits to be insured with FDIC.
“This will be the first FDIC-free crypto bank,” Heiner said, adding that adding depository insurance would give First Blockchain a step towards institutional banking clients. However, the insurance only applies to cash deposits.
This story is evolving and will be updated.