Crypto Startup Metal Pay Files for National Bank Charter

The peer-to-peer crypto payment platform Metal Pay has registered as a national bank in the USA

The startup submitted a charter application for “First Blockchain Bank and Trust, NA” to the Office of Currency Auditors (OCC) on February 3, CEO Marshall Hayner told CoinDesk.

Metal Pay will soon file applications with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank of San Francisco, Hayner said.

“This would be the first crypto bank insured by the FDIC,” said Hayner. By adding custody insurance, First Blockchain would give institutional bank customers a head start. However, this insurance would only apply to cash deposits.

This story evolves and is updated.