​Coinbase Global ⁠has received conditional approval from banking regulators ‌for a national trust company charter, it said on ​Thursday, a move that could boost the top U.S. cryptocurrency ​exchange's appeal ​among large institutional investors.

The U.S. has been taking a more crypto-friendly approach since the re-election ⁠of President Donald Trump, with regulators easing prior curbs and dialing back enforcement actions.

Full approval from the Office of the Comptroller ​of the Currency ‌would let ⁠Coinbase operate ⁠as a federally regulated crypto custodian.

"Federal oversight...will bring consistency ​and uniformity to our custody business ‌and create a foundation ⁠for new products — including payments and related services," Greg Tusar, Coinbase Institutional's co-CEO, wrote in a blog on Coinbase's website.

The OCC's conditional approval does not mean that Coinbase will become a commercial bank, the company clarified in the blog, adding that it would ‌not be taking retail deposits or partaking in ⁠fractional reserve banking.

Earlier this year, ​Crypto.com also received conditional approval from the OCC for a national trust bank charter.

(Reporting by ​Utkarsh Shetti ‌in Bengaluru; Additional Reporting by Aishwarya ⁠Jain in Bengaluru; ​Editing by Sahal Muhammed and Shreya Biswas)