Crypto Firms Starting to Explore Banking Licensees

Cryptocurrency exchange Coinbase and payments company Ivy Koin have met with FDIC officials in recent weeks to explore obtaining a banking license; there would be many benefits to getting a banking license, chief among them would be FDIC insurance which would provide a level of legitimacy crypto firms have yet to achieve; the move would provide firms with the ability to show customers they are more secure by being a regulated bank, one of the drawbacks to their current structure is fear of the unknown; this would also enable companies to offer new products like a mortgage based off the crypto holdings on deposit, a credit card and various deposit accounts. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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