- The trust aligns with a broader trend of crypto firms pursuing federal financial charters.
- It mainly targets institutional clients seeking bank-level custody protections.
Payward, the parent company of crypto exchange Kraken, has applied for a national trust company charter with the U.S. Office of the Comptroller of the Currency (OCC) as it seeks to expand its regulated digital asset custody business. The move would bring Kraken’s group closer to a federal bank‑style structure for crypto, alongside its existing state‑chartered operations.
If approved, the application would establish Payward National Trust Company, a federally regulated trust focused on fiduciary custody and related services for digital assets. The trust would primarily serve institutions and customers that want bank‑level custody protections under OCC oversight.
Payward positioned the filing as part of a broader strategy to deepen its U.S. regulatory footprint at a time when more crypto firms pursue traditional financial charters. These firms increasingly seek federal trust or bank licenses in order to attract institutional clients and operate under clearer supervisory frameworks.
“A national trust company provides the certainty institutions require and establishes the infrastructure to build the next generation of custody,” Payward and Kraken Co‑CEO Arjun Sethi said in a statement.
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Kraken Expands “Multi‑Charter” Strategy
The proposed trust company would complement Kraken Financial, the Wyoming special purpose depository institution chartered in 2020. Kraken Financial later became the first digital asset bank to obtain a Federal Reserve master account, which gives it direct access to the U.S. payments system.
Payward described the OCC application as part of a “multi‑charter” strategy that combines state and federal oversight. Under the proposal, PNTC would use the group’s existing compliance, risk management and custody infrastructure while opening access to clients that require a federally regulated qualified custodian.
The filing follows a period in which crypto companies have stepped up efforts to secure bank and trust charters as regulators clarify rules on custody and institutional participation in digital assets. National trust charters overseen by the OCC have emerged as a route for crypto‑focused firms to operate nationwide without relying only on state‑by‑state licensing.
Sethi said the Wyoming SPDI and the prospective OCC trust charter would act as “complementary pillars” of Payward’s banking strategy as the U.S. digital asset regulatory framework continues to evolve.
