Payward applies for a national trust charter to offer OCC-regulated digital asset custody services to institutional clients.
Payward, the parent company of cryptocurrency exchange Kraken, has filed for a national trust company charter with the U.S. Office of the Comptroller of the Currency (OCC). The proposed entity, Payward National Trust Company (PNTC), would provide federally regulated crypto custody services under OCC oversight, targeting institutional clients seeking bank-level protections.
The move follows Kraken Financial’s existing Wyoming SPDI charter and Federal Reserve master account access. It reflects broader industry efforts to secure traditional financial charters amid evolving regulatory scrutiny and demand for institutional-grade custody solutions.
If approved, PNTC would expand Payward’s regulatory footprint, offering fiduciary custody and related services for digital assets. The filing underscores the firm’s push to align with federal standards in the U.S. crypto market.