PayPal has applied for a license to operate as an industrial bank in Utah to create a lending institution, PayPal Bank.

ME News, December 16 (UTC+8) – Payment company PayPal (stock code: PYPL) announced on Monday that it has applied for a Utah Industrial Bank license to create a lending institution called "PayPal Bank." The company operates the PYUSD stablecoin through a partnership with Paxos. In a press release, it stated plans to provide "business loan solutions" for small businesses, open interest-bearing savings accounts for other customers, and also intends to partner with credit card networks. Furthermore, PayPal has applied for deposit insurance from the Federal Deposit Insurance Corporation (FDIC). While PayPal's announcement on Monday did not mention its own cryptocurrency-related business, the company has recently increased its investment in this area. Earlier this year, it added wallet-to-wallet cryptocurrency transfer functionality, allowing users to create personalized links to send or request funds via cryptocurrency. In addition, PayPal launched a "Pay with Cryptocurrency" feature for merchant services, acting as an intermediary to enable merchants to accept cryptocurrency as a payment method. (Source: ME)