TechFlow news, December 16 — According to CoinDesk, payment giant PayPal announced on Monday that it has applied for a Utah industrial bank charter, planning to establish a lending division named PayPal Bank. The bank will offer commercial loan solutions for small businesses and interest-bearing savings account services for other customers. PayPal has also applied to the Federal Deposit Insurance Corporation for deposit insurance. As the operator of the PYUSD stablecoin, PayPal has recently been actively expanding its cryptocurrency business, launching peer-to-peer cryptocurrency transfers within wallets and a "Pay with Crypto" merchant service.
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