PayPal applies for an industrial bank license in Utah, intending to establish PayPal Bank to expand financial services

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

As the operator of the PYUSD stablecoin, PayPal has recently been actively expanding its cryptocurrency business, launching features for cryptocurrency transfers between wallets and a "pay with cryptocurrency" merchant service.