Payward Seeks OCC Approval for National Trust Company

Payward, the parent company of Kraken cryptocurrency exchange, has taken a significant step towards expanding its regulated operations in the United States. The company has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust company charter.

The proposed entity, Payward National Trust Company, would provide secure bank-grade protection for digital assets and meet regulatory safeguards for institutional investors. This move is part of Payward's strategy to deepen its involvement in federally overseen digital asset services.

Arjun Sethi, co-chief executive of both Payward and Kraken, emphasized the importance of building a stable regulatory environment for digital assets. He noted that the national trust company would provide reliability and scalability for major institutions while laying the foundation for more advanced custody options.