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PayPal, Issuer of PYUSD, Applies for Utah Industrial Bank License
Source: CryptoNewsNet Original Title: PayPal, issuer of PYUSD, applies for Utah industrial bank license Original Link: https://cryptonews.net/news/finance/32142059/ Payments company PayPal (PYPL) applied for a Utah industrial bank license, with the goal of creating a lending arm called PayPal Bank.
The company, which also operates the PYUSD stablecoin through a partnership with Paxos, intends to “provide business lending solutions” to small businesses and interest-bearing savings accounts to other customers. It also intends to work with credit card networks.
PayPal also applied for deposit insurance through the Federal Deposit Insurance Corporation.
In a statement, PayPal CEO and President Alex Chriss said, “securing capital remains a significant hurdle for small businesses striving to grow and scale.”
“Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.”