Payward Seeks OCC Charter to Secure Institutional Digital Asset Custody
Kraken Parent Payward Targets OCC Charter to Unlock Institutional Digital Asset Custody
Payward, the parent company of crypto exchange Kraken, is seeking a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC), aiming to expand into institutional digital asset custody, according to the information provided.
The move highlights a continued push by major crypto-native firms to secure access to regulated banking frameworks that can better support services for institutional clients. A national bank charter would place a firm under federal oversight and can enable it to offer certain banking-related services across the U.S. without relying on a patchwork of state-by-state licensing.
Why it matters: Institutional custody is a key infrastructure layer for large investors, funds, and corporate clients that need secure, compliant storage and handling of digital assets. Pursuing an OCC charter signals an effort to operate within more traditional regulatory structures, potentially broadening the range of counterparties and clients willing—or required—to work with federally supervised entities.
The development sits within a broader trend of crypto companies exploring bank-like regulatory paths to bridge digital asset services with established financial markets. At the same time, banking access and federal oversight remain central issues for the crypto industry as firms look to expand regulated offerings beyond trading.
