On Monday, June 4th, CEO, Nikolay Storonsky, announced that Revolut would seek a US banking license by the end of the year. Now Circle has joined.
Circle wants to apply for US Banking License
In addition to Revolut, the UK pre-paid map provider, who recently added XRP and BCH to Bitcoin, Ether and Litcoin on its trading platform, Circle, which has Goldman-Sachs as cover, now wants to join the general banking world plunge. And not enough, Circle also intends to pursue registration as a brokerage and trading venue with the Securities and Exchange Commission, so it can help investors buy and sell tokens deemed to be securities. Both are very interesting steps that could bring some fresh capital into the crypto market and attract some new users.
To keep reserves with the Federal Reserve, to be able to natively access the central bank system without intermediaries, and to negotiate directly with other banks in other markets around the world through these networks. Thus, we can improve the efficiency of what we deliver, and it can reduce costs.
This step would be the first of its kind in the US. They follow recent efforts to expand services. Only in February 2018, the company took over Poloniex for $ 400 million and would like to increase the offered cryptocurrencies. Most recently, the company received an e-financing round that raised over $ 100 million. The round was led by Bitmain, including Accel, General Catalyst, Digital Currency Group, IDG, Pantera, Tusk Ventures, Blockchain Capital and Breyer.
Circle is the latest company to seek such approval in the United States. If it gives the green light, that will probably trigger an avalanche and many larger companies will want to establish as well.