Payward applies for federal trust charter to offer regulated digital asset custody to institutional clients under OCC oversight.
Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the Office of the Comptroller of the Currency for a national trust company charter. The proposed entity, Payward National Trust Company, would provide federally regulated digital asset custody services to institutional clients requiring a qualified custodian.
The move follows Payward’s existing Wyoming-chartered bank, Kraken Financial, which already holds a Federal Reserve master account. The OCC application aims to expand the company’s regulated banking infrastructure, complementing its state-level operations. Payward Co-CEO Arjun Sethi stated the filing aligns with the firm’s strategy to advance a digitally native financial system through transparent regulation.
Sethi emphasized that a national trust charter would offer institutions the regulatory certainty needed for broader adoption of digital assets. The application underscores Payward’s push to integrate crypto services into traditional banking frameworks under federal oversight.