Metal Pay, a peer-to-peer crypto payments platform has applied to become a national bank in the U.S. The bank is named as “First Blockchain Bank & Trust (FBB&T)” and would be incorporated in Rapid City, S.D.
Metal Pay tweets, “We’re thrilled to announce that we have applied for a full national bank charter from the OCC, a monumental step for the entire cryptocurrency industry.”
After the approval, FBB&T will become a nationally regulated custodian of blockchain assets, as well as offering traditional FDIC insured deposit accounts.
Metal Pay CEO Marshall Hayner, told CoinDesk, “Metal Pay will shortly file applications with the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank of San Francisco.”
Metal Pay is the first to pursue “full” banking licensure. It wants to accept cash deposits alongside the crypto, and it wants those cash deposits to be insured by the FDIC, Hayner said.
Also according to Metal Pay tweet, “We’re now joining the level of established, legacy financial institutions across the US.”
“This is different from other crypto companies: while some companies are seeking a limited crypto charter, we’re the first crypto company to seek a national full-fledged banking charter.”
After becoming a national chartered ban it will allow Metal Pay to operate in all 50 states and the customers will receive the following benefits.
- FDIC-insured checking accounts capable of cash deposits
- Full support of crypto transactions
- Fiduciary services for digital assets
- Connection of TradFi and DeFi
Soon after the announcement the price of MTL surges more than 100% on popular cryptocurrency exchange like Binance. At press time MTL is trading at $0.9083 USD and the price is up by 95.55% from last 24h.
The 24h low and high of MTL at press time is $0.4560 and $0.9507 respectively. The market cap and 24h traded volume of Metal Pay are $59,410,201 and $210,326,735 respectively.
There is massive surge in the market cap and 24h traded volume of MTL after the announcement. According to CoinMarketCap, the market cap and 24h traded volume is more than 92.26% and 554.07% respectively.