PANews reported on April 22 that according to Cointelegraph, Coinbase confirmed that it is considering applying for a U.S. federal banking license. A Coinbase spokesperson said the company is actively considering this option but has not made any formal decision.

Earlier news , the Wall Street Journal reported that many crypto companies such as Circle and BitGo plan to apply for banking licenses, and Coinbase Global and stablecoin company Paxos are also considering similar moves.