PayPal applies for Utah industrial bank license, plans to establish PayPal Bank to expand financial services
ChainCatcher news, according to CoinDesk, payment giant PayPal announced on Monday that it has applied for an industrial bank charter in Utah and plans to establish a lending division called PayPal Bank. This bank will provide commercial loan solutions for small businesses and offer interest-bearing savings account services to other customers. PayPal has also applied to the Federal Deposit Insurance Corporation for deposit insurance.
As the operator of the PYUSD stablecoin, PayPal has recently been actively expanding its cryptocurrency business, having launched wallet-to-wallet crypto transfer functionality and "Pay with Crypto" merchant services.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Aptos plans to launch a post-quantum signature scheme
Han Mu Xia: Japan's Interest Rate Hike Fully Priced In, Bitcoin $112,500 Seen as Strong Resistance
State Street: Bank of Japan's dovish rate hike, Kazuo Ueda may take a neutral stance
Bitcoin has recorded drops of over 20% following each of the previous three rate hikes by the Bank of Japan.
Trending news
MoreCrypto prices
More
