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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), according to an announcement shared Friday with CoinDesk, as the company seeks to expand its regulated digital asset custody business.
If approved, the charter would create Payward National Trust Company (PNTC), a federally regulated entity focused on fiduciary custody and related services for digital assets. Kraken said the trust would primarily serve institutions and clients seeking bank-level custody protections under OCC oversight.
The filing marks Payward’s latest effort to expand its regulatory footprint in the United States, as crypto companies increasingly rely on traditional financial charters to attract institutional clients and adapt to a changing regulatory environment.
“A national trust provides the certainty institutions need and establishes the infrastructure needed to build the next generation of custody,” Arjun Sethi, co-CEO of Payward and Kraken, said in the release.
The move comes as crypto companies increasingly seek federal charters, licenses and banking approvals under the Trump administration’s more industry-friendly approach to regulating digital assets.
Kraken’s broader expansion strategy includes a series of acquisitions aimed at creating a regulated trading and payments infrastructure ahead of a possible IPO.
In addition to its $1.5 billion acquisition of futures trading platform NinjaTrader in 2025, Payward agreed in April to acquire crypto derivatives exchange Bitnomial for up to $550 million, adding a full suite of Commodity Futures Trading Commission (CFTC) licenses covering brokerage, clearing and exchange operations.
This week, the company also closed a $600 million deal to buy Hong Kong-based payments company Reap Technologies, expanding Kraken’s presence in cross-border payments and stablecoin card infrastructure in Asia.
The proposed trust company would complement Kraken Financial, Wyoming’s special purpose depository institution (SPDI) established in 2020. Kraken Financial became the first digital asset bank to secure a Federal Reserve master account, giving it direct access to the U.S. payments system.
Payward framed the OCC’s request as part of a broader “multi-charter” strategy to offer different types of regulated financial services under state and federal oversight.
Under the proposal, PNTC would build on Payward’s existing compliance, risk management and custody infrastructure while expanding access to customers who need a qualified, federally regulated custodian.
Crypto companies are increasingly exploring banking and fiduciary charters as regulators clarify rules regarding custody and institutional participation in digital assets. National trust charters, overseen by the OCC, have already been adopted by crypto-native companies seeking broader legitimacy and nationwide operations without relying solely on state-by-state licensing.
Sethi said the company’s Wyoming SPDI and upcoming OCC Trust Charter would serve as “complementary pillars” of Payward’s banking strategy as the U.S. regulatory framework for digital assets continues to evolve.
Learn more: Kraken Parent Payward Closes $550M Bitnomial Deal, Underwriting Entire CFTC Derivatives Stack
