Coinbase said Friday it is seeking a national trust bank charter from the Office of the Comptroller of the Currency, a move the cryptocurrency exchange says would give it clearer federal oversight as it looks to expand its suite of institutional and consumer offerings.

Securing the OCC charter would position Coinbase to roll out products that go beyond crypto custody—such as payments capabilities and other adjacent services—while benefiting from a single, well-defined regulatory framework, Greg Tusar, Coinbase’s vice president of institutional product, wrote in a company blog post. Coinbase “has no intention of becoming a bank,” Tusar wrote. But the company believes “clear rules and the trust of our regulators and customers enable Coinbase to confidently innovate while ensuring proper oversight and security.”

The company disclosed in April that it was evaluating the pursuit of a federal bank charter. Since then, several prominent crypto and blockchain firms—including stablecoin issuer Circle, blockchain developer Ripple, and blockchain and crypto fintech Paxos—have each filed applications for a national trust