Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the US Office of the Comptroller of Currency (OCC) to establish a national trust charter.
The proposed Payward National Trust Company would offer federally regulated custody and fiduciary services for digital assets, expanding on Kraken's existing Wyoming Special Purpose Depository Institution (SPDI) charter and Federal Reserve master account.
This 'multi-charter' strategy would cover both state and federal oversight, utilizing Payward's existing compliance and risk management systems to serve institutional clients requiring a federally regulated qualified custodian.
Payward has been actively expanding its presence in the cryptocurrency industry through strategic acquisitions, including the recent purchase of NinjaTrader for $1.5 billion and Reap Technologies for $600 million. This growth trajectory is part of its long-term plan, with co-CEO Arjun Sethi stating that the company is approximately 80% ready for a potential initial public offering (IPO) by 2027.