PayPal has submitted an application to become a U.S.-chartered bank under the name “PayPal Bank.” The move places the payments giant alongside crypto companies pursuing bank charters to deepen their regulated financial services.
Ripple, Coinbase, Wise and Sony Bank are pursuing bank charters to offer crypto services directly, joining Walmart and other fintechs after President Trump cleared the way for new financial firm types. The development could speed mainstream adoption and intensify competition in custody and payments.