Payward Files for OCC National Trust Charter

Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the U.S. Office of the Comptroller of the Currency for a national trust company charter to create a federally regulated digital asset custody entity.

The proposed Payward National Trust Company, or PNTC, would provide fiduciary custody and related services primarily for institutional clients seeking bank-level protections under direct OCC oversight. The filing, announced Friday, builds on Payward's existing regulatory framework, including Kraken Financial, its Wyoming-chartered special purpose depository institution granted in 2020. Kraken Financial holds the first Federal Reserve master account for a digital asset bank, granting access to the U.S. payments system.

Kraken Co-CEO Arjun Sethi described the application as a key component of the company's multi-charter strategy. "A national trust company provides the certainty institutions require and establishes the infrastructure to build the next generation of custody," Sethi said in a company statement. He added that the Wyoming charter and prospective OCC approval represent "complementary pillars" aimed at advancing a regulated,...