Written by Turner Wright, Staff Writer. Reviewed by Sam Bourgi, Staff Editor.
Written by Turner Wright, Staff Writer.
Reviewed by Sam Bourgi, Staff Editor.
Kraken parent company applies for OCC charter in move toward banking
Latest NewsPublishedMay 8, 2026
The US banking regulator has already approved similar charter applications for Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos.
Payward, the parent company of cryptocurrency exchange Kraken, revealed that it had filed an application with the US Office of the Comptroller of the Currency (OCC) for a national trust company charter, following other digital asset companies.
In a Friday notice, Payward stated that the OCC application, if approved, would result in the establishment of Payward National Trust Company, allowing it to “provide fiduciary custody and other services primarily for digital assets.” The application would make the Kraken parent one of a handful of crypto companies moving closer toward banking, following OCC approvals for Coinbase and others.
“A national trust company provides the certainty institutions require and establishes the infrastructure to build the next generation of custody,” stated Kraken co-CEO Arjun Sethi. “This is not about being first; it is about getting the framework right so markets can scale with clarity, interoperability, and long-term vision for what clients will demand as these systems mature.”
The OCC, headed by US President Donald Trump’s nominee Jonathan Gould, approved similar charter applications for Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos in December. The agency has come under scrutiny for such approvals as it considers an application from World Liberty Financial, the crypto company co-founded by Trump and his sons.
Related: Kraken parent Payward closes Bitnomial deal to expand US crypto derivatives
as reported by Payward, the OCC application would build on its Special Purpose Depository Institution established in Wyoming through Kraken Financial. The company also holds a Federal Reserve master account, giving it access to the US payment services system.
Kraken still eyeing public offering after confidential filing
While the crypto exchange’s parent company has closed acquisition deals with Bitnominal and revealed an agreement to buy Reap, Kraken could still be planning an initial public offering (IPO) in the US. Sethi stated in May that the company was “about 80% ready” to go public by 2027 as the exchange revealed a partnership with MoneyGram.
Magazine: XRP ‘probably going to $12,’ Bitcoin ETFs add $1B: Market Moves
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Banking
- Banks
- Kraken
- Cryptocurrency Exchange
- United States
- Regulation
More on the subject
US CLARITY Act sees ‘big step forward’ as markup set for May 14
15 hours ago
Ciaran Lyons
Crypto exchanges pushed US lawmakers to bar provision on risky tokens: Report
18 hours ago
Turner Wright
Estonia’s FSA issues investor warning about Zondacrypto
19 hours ago
Vince Quill
US CLARITY Act sees ‘big step forward’ as markup set for May 14
15 hours ago
Ciaran Lyons
Crypto exchanges pushed US lawmakers to bar provision on risky tokens: Report
18 hours ago
Turner Wright
Estonia’s FSA issues investor warning about Zondacrypto
19 hours ago
Vince Quill
