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PayPal Moves to Launch Its First U.S. Bank

Published by
Sohrab Khawas

PayPal submitted applications to the FDIC and Utah regulators for an industrial loan company charter called PayPal Bank. The goal is to expand small business lending, building on over $30 billion provided to 420,000 accounts since 2013, with interest-bearing savings and FDIC insurance if approved. CEO Alex Chriss aims to reduce third-party reliance and fuel US economic growth under lighter regulations.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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