Kraken Parent Payward Pursues OCC National Trust License for Crypto Custody Expansion

Kraken's parent company Payward has made significant strides in expanding its presence in the US financial infrastructure. The company has applied for an OCC National Trust license, which will enable it to provide institutional crypto custody services nationwide under a single regime.

This move is part of a broader trend in the crypto industry, where major players are seeking to integrate more deeply into the US federal banking system. Payward's application comes just two months after Kraken Financial received a 'master' account at the Federal Reserve, allowing it to settle dollar payments directly through the Fedwire system.

The combination of these developments suggests that large crypto companies like Kraken are no longer trying to stay outside the banking system - they want to become a part of it. This is particularly evident in Payward's aggressive expansion into other financial service segments, including stablecoin payments and international card infrastructure through its recent acquisition of Reap Technologies.