Robinhood, a Fintech brokerage firm that combines traditional securities with digital assets in a single app, has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), according to a report by the San Francisco Business Times.

If Robinhood receives a national bank charter, the Fintech will be entering the digital challenger bank world being able to provide checking and savings accounts while providing access to credit.

By becoming a bank, Robinhood would gain access to the Federal Deposit Insurance Corporation (FDIC) which provides up to $250,000 insurance per user account.

While a national bank charter may be years in the making Robinhood could leverage regulatory arbitrage and partner with an already chartered bank to port banking services.