Crypto Startups and Car Makers Want to Open Their Own Banks

In recent months, several firms that once challenged banks are now applying for bank licenses. They want to move from being payment or crypto services into full banking operations. The applicants include well‑known names such as PayPal and the buy‑now‑pay‑later company, along with the three major Detroit auto makers. A political‑finance group linked to a former president and several cryptocurrency exchanges have also filed for charters.The push comes after the current government encouraged more banking entrants. Earlier, the pace of new banks had slowed for years. With a charter, these companies could lend directly and hold more assets. Right now they must depend on third‑party lenders, which adds complexity and cuts profits. If approved, the new banks would change how digital payment and auto‑industry giants manage money, blending tech with traditional banking.