Kraken Parent Seeks Federally Supervised Crypto Custody Services

Payward, the parent entity of cryptocurrency exchange Kraken, has made a significant move in its expansion plans by submitting an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter.

The charter, if approved, would establish Payward National Trust Company (PNTC), allowing it to offer federally supervised digital asset custody services. This move is expected to provide greater regulatory confidence and attract institutional investors.

Payward currently operates under a Wyoming Special Purpose Depository Institution (SPDI) license via Kraken Financial, which achieved a milestone as the inaugural digital asset institution granted a Federal Reserve master account in 2020.