Nebraska’s Department of Banking and Finance has given conditional approval for Telcoin Bank to open a digital asset bank.
The proposed Norfolk, Neb., company said in a press release that it plans to offer fully regulated, bank-issued “Digital Cash” stablecoins, in addition to blockchain banking products and services. Telcoin Bank expects to open early this year by releasing the proposed stablecoin, eUSD.
“This approval marks a major milestone for Telcoin and the entire U.S. crypto industry,” Paul Neuner, Telecoin’s founder and CEO, said in the release.
“I’ve always believed that the key to making crypto usable in payments and mainstream finance is a digital asset bank with native connections to the existing financial system,” he added. “The Nebraska charter creates an actual bank charter, and the first that is explicitly authorized to connect consumers to DeFi.”
Telcoin Group is based in Singapore where its operating entity is licensed as a Major Payment Institution.