“Circle” that purchased Poloniex earlier this year to seek Federal Baking licensing with U.S
Circle Internet Financial Ltd has revealed that it is currently looking into obtaining a federal banking license with the U.S. Office of the Comptroller of the Currency (OCC) in order to expand the services available to the company’s customers. It also hopes to pursue registration with the U.S. Securities and Exchange Commission (SEC) as a brokerage and trading venue, which would allow the company to facilitate the trading of tokens that allow covering securities.
Circle has announced its intention to become the first cryptocurrency company to obtain a banking license.
In case of success, the move would allow Circle to hold customer funds in the form of digital coins of fiat currency, in addition allowing it to “hold reserves with the Federal Reserve, which allows access to the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks can improve the efficiency of what we deliver to the clients, it can reduce the costs,” according to Circle’s chief executive officer.
Circle claims to have already conducted introductory conversations with the Office of the Comptroller of the Currency regarding potential banking functions.