The parent company of Kraken, known as Payward, has formally requested a national trust company charter from the U.S. Office of the Comptroller of the Currency (OCC), as revealed in a Friday announcement sent to CoinDesk. This move aims to bolster its regulated digital-asset custody services.
Should it be granted, this charter will lead to the creation of Payward National Trust Company (PNTC), a federally governed entity dedicated to fiduciary custody and associated services for digital assets. Kraken has stated that the trust will mainly cater to institutions and customers seeking bank-level custody assurances under OCC supervision.
This application signifies Payward’s continued efforts to enhance its regulatory presence in the U.S., as more crypto entities pursue traditional financial charters to draw institutional clients amidst evolving regulations.
“A national trust company offers the reliability institutions need, laying the groundwork for the next generation of custody,” stated Arjun Sethi, Co-CEO of Payward and Kraken. This initiative aligns with a broader trend where crypto firms seek federal charters and banking approvals, particularly during an era characterized by the Trump administration’s favorable stance on digital-asset regulation.
Kraken’s expansion strategy encompasses numerous acquisitions to build regulated trading and payment infrastructures in preparation for a potential IPO. Notably, Payward acquired retail futures platform NinjaTrader for $1.5 billion in 2025 and agreed to purchase crypto derivatives exchange Bitnomial for up to $550 million earlier this year. This acquisition grants them comprehensive Commodity Futures Trading Commission (CFTC) licenses encompassing brokerage, clearing, and exchange operations.
Moreover, Payward recently finalized a $600 million deal to acquire Hong Kong-based payment company Reap Technologies, thereby enhancing Kraken’s stablecoin-driven cross-border payments and card infrastructure in Asia.
The proposed trust complements Kraken Financial, the Wyoming special purpose depository institution (SPDI) established in 2020. Notably, Kraken Financial became the first digital-asset bank to secure a Federal Reserve master account, granting it direct access to the U.S. payments system.
Payward’s OCC application is part of a wider “multi-charter” strategy aimed at offering diverse regulated financial services under both state and federal oversight. The plan for PNTC includes leveraging Payward’s existing compliance, risk management, and custody frameworks while broadening client access to those needing a federally regulated qualified custodian.
As regulatory guidelines around custody and institutional involvement in digital assets become clearer, crypto firms are increasingly seeking bank and trust charters. National trust charters, managed by the OCC, have been sought by crypto-native companies aiming for broader legitimacy and nationwide operations without depending on state-by-state licensing.
Sethi highlighted that the Wyoming SPDI and the prospective OCC trust charter would serve as “complementary pillars” of Payward’s banking strategy amid ongoing changes in the U.S. regulatory framework for digital assets.