Crypto.com is making strides by applying for a National Trust Bank Charter in the United States, which would allow it to extend its federally regulated custody and staking services across the country.

According to the announcement made on Friday, the Singapore-based crypto platform plans to offer regulated custody services to institutional clients, including digital asset treasuries and exchange-traded funds (ETFs), all within the oversight of the Office of the Comptroller of the Currency (OCC).

The National Trust Bank Charter is a federal authorization that permits companies to act as limited-purpose trust banks, primarily focused on managing and securing clients’ assets rather than engaging in traditional banking services like loans or deposits.

Crypto.com is not alone in this pursuit; it follows other crypto firms such as BitGo and Circle, which have expressed interest in similar bank charters. Anchorage Digital Bank has been operating with such a charter since January 2021, and Paxos received conditional approval for its own application the same year.

Coinbase also submitted an application on October 3, aiming to clarify regulatory measures while not intending to function as a traditional bank. This aligns with current trends of cryptocurrency platforms seeking banking-like regulatory compliance to enhance their service offerings.