Payward Files for OCC Trust Charter to Launch Federal Crypto Bank

*TL;DR: Payward, Kraken’s parent, has applied for a national trust company charter from the Office of the Comptroller of the Currency, positioning the firm to offer federally regulated digital‑asset custody services.

Context Payward’s move follows a wave of crypto firms courting traditional banking licenses to attract institutional capital. Kraken already operates a Wyoming special purpose depository institution (SPDI) charter and holds a Federal Reserve master account, the first for a digital‑asset bank. The new charter would sit alongside that state charter, creating a “multi‑charter” framework that spans both state and federal oversight.

Key Facts - Payward submitted an application to the OCC for a national trust company charter, which would create Payward National Trust Company (PNTC). - Co‑CEO Arjun Sethi said a national trust company gives institutions the certainty and infrastructure needed for next‑generation custody. - The proposed trust would focus on fiduciary custody and related services, targeting clients that require a federally regulated qualified custodian. - In 2025, Payward bought retail futures platform NinjaTrader for $1.5 billion, expanding its derivatives capability. - Earlier this year the firm agreed to acquire crypto‑derivatives exchange Bitnomial for up to $550 million, adding a full CFTC license stack, and sealed a $600 million purchase of Hong Kong payments firm Reap Technologies. - Bitcoin (BTC) traded around $28,300, up 2.1% on the day, while the broader crypto market cap hovered near $1.1 trillion, reflecting renewed institutional interest.

What It Means If the OCC approves the charter, Payward will become one of the few crypto‑native entities with a federally chartered trust, allowing it to offer bank‑level custody under direct supervision of the nation’s primary banking regulator. The trust would leverage Payward’s existing compliance and risk‑management infrastructure, extending services to institutions that currently rely on state‑chartered solutions or third‑party custodians.

The federal charter could also streamline access to the U.S. payments system, complementing Kraken Financial’s Wyoming SPDI which already enjoys a Fed master account. By operating under both state and federal charters, Payward can serve a broader client base while mitigating the patchwork of state licensing requirements.

Looking Ahead Watch for the OCC’s decision timeline and any subsequent filings that could signal further expansion of Payward’s regulated product suite, especially in the emerging stablecoin and cross‑border payments space.