PayPal applies for Utah industrial bank license, plans to establish PayPal Bank to expand financial services

ChainCatcher news, according to CoinDesk, payment giant PayPal announced on Monday that it has applied for an industrial bank charter in Utah and plans to establish a lending division called PayPal Bank. This bank will provide commercial loan solutions for small businesses and offer interest-bearing savings account services to other customers. PayPal has also applied to the Federal Deposit Insurance Corporation for deposit insurance.

As the operator of the PYUSD stablecoin, PayPal has recently been actively expanding its cryptocurrency business, having launched wallet-to-wallet crypto transfer functionality and "Pay with Crypto" merchant services.