PayPal Applies for U.S. Bank Charter as Fintech and Crypto Firms Enter Banking

PayPal Holdings Inc. has formally applied to become a U.S.-chartered bank, signaling a major strategic shift as fintech and crypto-linked firms increasingly move into traditional banking. The payments giant confirmed it has submitted a written application to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to establish a Utah-chartered industrial […]