[2018-05-21]Two Digital Currency Firms Are Trying Hard to Obtain Banking License

[Vladdirescu87]

The Wall Street Journal (WSJ) reported on May 18, that two major cryptocurrency market players, Coinbase Inc. and ivyKoin, have tried to talk with the government regulators about getting banking licenses in order to expand the range of products they can offer.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/digital-currency-firms-to-obtain-banking-licenses/

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[InvoKing]

A bank charter may not be a top priority for the firms, however, it will facilitate the process of regulatory investigation a lot. Nevertheless, their decision will depend largely on the matter of cost needed for becoming a bank.

Coinbase is acting like a bank anyway but an official recognition will boost the number of its clients for sure.
And it is the first time hearing about ivykoin or i didn't pay attention that much before.
It is a long process which isn't that easy.

[Mahanton]

A bank charter may not be a top priority for the firms, however, it will facilitate the process of regulatory investigation a lot. Nevertheless, their decision will depend largely on the matter of cost needed for becoming a bank.

Coinbase is acting like a bank anyway but an official recognition will boost the number of its clients for sure.
And it is the first time hearing about ivykoin or i didn't pay attention that much before.
It is a long process which isn't that easy.

Even its already acting like a bank but we cant really deny on the wallet is placed between the government and crypto thing which is actually the problem.If its recognized then its normal to see or to think of on what would possibly happen which would really boost up clients but same as you said this wont really be an easy thing and this would be a long process because collaborating banking sector with crypto is almost an impossible thing but who knows? they might able to get through.

[jjacob]

I wonder if they really want a banking licence. If they do qualify to be a bank, they will have huge capital requirements for risky businesses like their core bitcoin exchange. How would they convince the regulators that they have enough safeguards to protect the bitcoins in their custody?