Kraken’s Parent Seeks OCC National Bank Charter
Kraken Parent Payward Applies for OCC National Trust Bank Charter
Payward, the parent company of crypto exchange Kraken, has applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), according to the information provided.
A national trust bank charter is a U.S. banking designation overseen by the OCC, a federal regulator that supervises national banks and federal savings associations. Trust banks typically focus on fiduciary and custody-style services rather than traditional consumer banking activities like taking deposits and making loans.
The move matters because it signals continued interest from crypto firms in operating within established U.S. regulatory frameworks, particularly in areas such as custody and safeguarding of client assets. For platforms that serve institutional clients, custody and trust-related services are often central to building compliant infrastructure.
In the broader context, the OCC has been a key federal agency in discussions about how certain crypto-related activities fit within banking rules, especially where custody and trust services intersect with digital assets. An application does not indicate approval, but it does reflect an attempt to formalize a regulated pathway for specific financial services.
