Several prominent cryptocurrency businesses are stepping into new financial territory by seeking banking licenses, potentially reshaping market dynamics. Major players like Coinbase, Circle, BitGo, and Paxos are exploring how to integrate traditional financial systems alongside their existing offerings, according to recent reports from the Wall Street Journal. These firms aim to redefine their roles within the established financial landscape, leading to significant shifts in the sector. While this trend presents a new paradigm for cryptocurrency companies, former Senate candidate and XRP advocate John Deaton expressed surprise at Ripple’s absence from these license applications, highlighting the potential competition between emerging crypto services and traditional institutions as a key factor driving market evolution.