Coinbase National Trust Company’s charter took effect on November 6, and the OCC authorized it to open on November 9. The federal approval allows the institution to custody cryptocurrency in a fiduciary capacity while retaining trust-company limits and OCC oversight. An approved agreement provides for the gradual transfer of accounts from Coinbase Custody Trust Company, but public information does not confirm how many accounts have been migrated. During its first three years of operation, the institution must maintain at least $60 million in tier 1 capital, meet prescribed liquid-asset requirements, and hold a reserve covering 180 days of operating expenses.
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Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
