Based in Boston, the cryptocurrency start-up Circle announced its intention to obtain a banking license at the federal level in the United States. This will allow it to store client assets in cryptocurrency or in dollars without having to coordinate its activities in each individual case. This is reported by Bloomberg.
To hold reserves with the Federal Reserve, to natively access the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks -- that can improve the efficiency of what we deliver, it can reduce the costs.
Circle also plans to obtain a license from the Securities and Exchange Commission (SEC) as a brokerage and trading platform. If this happens, the startup can help customers buy and sell tokens, which are recognized in the US as securities.
As reported, not a single start-up, which began its journey in the uncontrolled world of cryptocurrency, has achieved such status from US regulators.
According to representatives of Circle, the company has already conducted preliminary negotiations with the Commission for Regulation of Commercial Banks, the SEC and the Agency for the Regulation of Financial Institutions.