Coinbase and Crypto Peers Apply for US Banking Licenses, Signaling Industry Evolution

Major U.S. cryptocurrency firms are taking a significant step towards transforming their businesses by applying for banking licenses in the United States. Coinbase, Circle, BitGo, and Paxos are at the forefront of this move, aiming to strengthen their regulatory compliance and expand financial services. This shift is driven by a desire to enhance operational flexibility, improve legitimacy, and secure increased market penetration.