Crypto exchange parent seeks US trust charter

TLDR

Kraken's parent company Payward has applied for a US national trust bank charter to expand its federally regulated crypto custody business.

1. Payward filed with the OCC to create Payward National Trust Company, a federally supervised trust bank focused on digital asset custody.
2. The charter would make Payward a qualified custodian, letting Krakens group serve institutions across all 50 states under a single federal regime.
3. The application is pending, and approval is uncertain, but it fits a broader push to plug major crypto firms into the US banking framework.

Deep Dive

1. What Payward Is Applying For

Payward has submitted an application to the US Office of the Comptroller of the Currency (OCC) for a National Trust Company charter, branded as Payward National Trust Company. This entity would run a federally supervised trust bank that specializes in custody and fiduciary services for digital assets, serving both institutional and some retail clients under OCC oversight. This has been outlined in Paywards own blog and reported in multiple outlets, including detailed coverage on Bitcoin.com and Bitcoinist.

2. Why A National Trust Charter Matters

A successful OCC trust charter would make Payward a federally regulated qualified custodian, a status many asset managers, pension funds, and advisers require before they can hold crypto via third parties. It would also let Payward serve clients nationwide without stitching together state trust or money transmitter licenses, complementing Kraken Financials Wyoming SPDI charter and Federal Reserve master account. This positions Krakens group alongside firms like Anchorage Digital and Coinbases trust unit in the race to become core crypto custody infrastructure for traditional finance, as noted in regulatory and market coverage.

3. Timeline, Risks, And Industry Context

The OCC review involves capital, compliance, and risk assessments plus a public comment process, and there is no disclosed timeline or guarantee of approval. Banking trade groups have criticized expansive use of national trust charters for crypto, so political pushback is a real risk even as regulators engage more with digital asset firms. Paywards move sits alongside broader US market structure efforts, including the CLARITY Act and SEC work on ATS-like paths for crypto venues, all aimed at defining how exchanges, brokers, and custodians fit into the federal system.

Conclusion

Paywards bid for a US national trust charter is a strategic step to turn Krakens ecosystem into federally supervised crypto banking infrastructure, not just an exchange. If regulators sign off, it could meaningfully expand institutional access to Bitcoin, Ethereum, and other assets through a single, nationwide, qualified custodian, but the outcome depends on how the OCC and Congress ultimately shape the rules for bank?level crypto services.