Five crypto companies, including Ripple, Circle, and BitGo, have been approved to become trust banks.

Odaily Planet Daily reports that five digital asset companies received conditional approval from the Office of the Comptroller of the Currency (OCC) on Friday to transform into federally chartered trust banks.

The approved companies include blockchain company Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos. These companies previously operated under state charters and will now be converted to conditional federal charters.

The OCC is the only federal agency that grants licenses to banks and trusts. OCC Chief Executive Jonathan Gould stated that the OCC will continue to provide pathways for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with financial developments and supports the modern economy. (Coindesk)