Payward files for a national trust charter to offer fiduciary custody services for digital assets, joining a growing list of crypto firms.
Payward, the parent company of cryptocurrency exchange Kraken, has applied for a national trust company charter with the US Office of the Comptroller of the Currency (OCC). If approved, the move would establish Payward National Trust Company, enabling the firm to provide fiduciary custody and related services for digital assets.
The OCC has previously approved similar charters for Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. These approvals reflect a broader trend of crypto firms seeking regulatory clarity and banking-like infrastructure to support institutional demand. The agency, led by Jonathan Gould, has faced scrutiny over its approach to digital asset charters.
Kraken co-CEO Arjun Sethi stated the application aims to create a scalable framework for custody services, emphasizing long-term market clarity and interoperability. The move aligns with growing institutional interest in regulated crypto custody solutions.