Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank, allowing it to operate payment products in addition to its custody business under federal supervision. The company has stated it will not become a commercial bank, take retail deposits or engage in fractional reserve banking. However, a trust charter would give it legal authority, access to banking infrastructure and regulatory credibility to move, hold, and settle money more efficiently. The approval is a preliminary agreement that the application meets key regulatory requirements, but is still required to meet certain conditions before it can operate. While trading for retail and institutional investors is a key business, the company has been pushing to increase consumer engagement through new services.