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Ripple plans to obtain a banking license in the USA and a master account at the Federal Reserve

Ripple has applied for a national banking license in the USA and the opening of a master account at the Federal Reserve through its trust company, Standard Custody.

⚠️ A master account at the Federal Reserve provides direct access to settlements between banks and the Federal Reserve payment system — this is a step towards a higher level of integration with the financial infrastructure of the USA.

Lawyers refer to it as a "gem" among licenses: even higher than the OCC banking license.