TLDR
Krakens parent company Payward has applied for a US national trust company charter to create a federally regulated digital-asset custody bank.
- Payward is seeking an OCC national trust charter to launch Payward National Trust Company focused on digital asset custody for institutions and high end clients.
- The charter would sit alongside Krakens Wyoming bank and Fed master account, strengthening its multi charter, nationwide custody and payments strategy.
- Approval is not guaranteed; watch the OCC review, potential banking industry pushback, and how fast institutions actually onboard to the new trust platform.
Deep Dive
1. What Payward Is Applying For
Payward, the parent of crypto exchange Kraken, has filed an application with the US Office of the Comptroller of the Currency (OCC) to form Payward National Trust Company, a federally regulated trust bank focused on digital asset custody and fiduciary services for clients that need a qualified custodian under US rules. Multiple outlets report the entity would offer bank level custody and related services under OCC oversight, targeting institutional clients and some individuals seeking "regulated, bank-level custody" of digital assets.
This move would add a national trust company to Krakens existing US regulatory stack rather than replace anything.
Krakens group is trying to sit inside the same federal trust-bank framework already used by players like Coinbase, Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos, which can make large institutions more comfortable.
2. Why It Matters For Crypto Users
Kraken already operates Kraken Financial, a Wyoming Special Purpose Depository Institution (SPDI) that holds a Federal Reserve master account, giving it direct access to core US payment rails such as Fedwire. The proposed OCC trust charter is designed to complement that state charter by allowing Payward to operate a federally supervised trust bank nationwide without stitching together many state licenses.
For institutions that must use a "qualified custodian" for digital assets, a national trust company can remove a key legal hurdle, potentially increasing the addressable market for custodial, staking and settlement services tied to Bitcoin, Ethereum and other large caps. For retail users, the effect is indirect: stronger custody infrastructure and diversified banking partners generally reduce counterparty risk compared with relying on lightly regulated custodians.
3. What To Watch Next
The OCC must still review Paywards application; Anchorage Digital is currently the only fully approved crypto native national trust bank, and other applicants have spent extended periods under conditional approvals and examinations. Banking trade groups tied to major US banks have previously criticized the OCCs willingness to charter crypto trust banks, arguing it stretches federal licensing rules, so political pressure is a real risk.
In parallel, Payward is spending heavily on regulated infrastructure acquisitions and preparing for a possible IPO, positioning this charter as another credential in that playbook. The key practical signal will be whether, after any approval, large asset managers, RIAs or corporates announce mandates that explicitly rely on Payward National Trust Company as their custodian.
The headline is structurally important for US crypto banking, but the market impact depends on whether regulators grant a robust charter and whether institutional money actually flows through it.
Conclusion
Paywards push for an OCC national trust charter is about turning Krakens ecosystem into a fully banked, regulator friendly custody and payments platform for digital assets. If approved and adopted by institutions, it could deepen US based, federally supervised crypto infrastructure, but the outcome will depend on OCC scrutiny, political pressure from traditional banks, and whether large clients decide this new trust vehicle solves their compliance and risk concerns.
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