Ramp Seeks OCC Charter for Digital Asset Custody

Ramp has applied to establish Ramp National Trust Bank, a proposed national trust bank that would provide digital-asset custody and fiduciary investment management under federal supervision, the company said. The application was submitted to the Office of the Comptroller of the Currency on October 16, and remains pending. The proposed institution would not accept deposits or make commercial loans, according to Ramp. The company said the charter would place the proposed services under a consistent federal regulatory framework while it develops products alongside its banking partners. No approval, launch date or OCC review timetable has been reported. Ramp’s existing checking and investment services continue to operate through financial partners. Its checking deposits are held at First Internet Bank of Indiana, while Ramp Advisory provides its investment account, Moment Advisors manages portfolios and Apex Clearing handles brokerage execution and custody, according to the company’s disclosures. The application does not announce changes to those arrangements. Ramp reported more than $5 billion in customer balances across its existing checking and investment accounts as of October...