Kraken Seeks OCC Trust Charter to Expand Crypto Custody Services

Payward, the parent company of crypto exchange Kraken, has officially applied for a national trust company charter with the U.S. Office of the Comptroller of the Currency (OCC), signaling a major step in its strategy to expand regulated digital asset custody services in the United States.

If approved, the new entity, Payward National Trust Company (PNTC), would operate as a federally regulated trust company focused on fiduciary custody and related crypto financial services. Kraken stated that the proposed trust company would mainly cater to institutional investors and clients seeking secure, bank-level crypto custody protections under direct OCC supervision.

The move highlights Kraken’s growing push into regulated financial infrastructure as cryptocurrency firms increasingly pursue federal banking and trust charters to strengthen credibility and attract institutional adoption. Kraken Co-CEO Arjun Sethi said the charter would provide the regulatory certainty institutions need while helping build the next generation of digital asset custody solutions.

Kraken’s application comes amid a more favorable regulatory climate for crypto companies under the Trump administration, encouraging firms to seek banking approvals and federal licenses. The company has also accelerated its expansion strategy through several major acquisitions ahead of a potential IPO.

Earlier in 2025, Payward completed its $1.5 billion acquisition of retail futures platform NinjaTrader. In April, the company agreed to acquire crypto derivatives exchange Bitnomial for up to $550 million, gaining valuable Commodity Futures Trading Commission (CFTC) licenses tied to brokerage, clearing, and exchange operations.

This week, Kraken further expanded internationally by acquiring Hong Kong-based payments company Reap Technologies in a $600 million deal aimed at strengthening stablecoin-powered payments and card infrastructure across Asia.

The proposed OCC trust charter would complement Kraken Financial, the Wyoming-based special purpose depository institution (SPDI) launched in 2020. Kraken Financial previously became the first digital asset bank to receive a Federal Reserve master account, giving the company direct access to the U.S. payments network.

Payward described the OCC filing as part of its broader multi-charter strategy designed to deliver regulated crypto financial services under both state and federal oversight while meeting the growing demand for qualified digital asset custodians.