Circle has filed with the US Securities and Exchange Commission to become a bank.
In Brief:
Circle began as a peer to peer payment network in 2013.
Since, it has branched out into cryptocurrency.
Now, it wants to become a chartered national commercial bank.
What does this mean?
Circle, which has launched a crypto exchange and payments service, will become a full-reserve bank if approved. Blockchain tokens, and converting crypto to fiat, have become a key focus for the company and the business hopes to be a key player in the US’ development of a central bank digital currency.
