Kraken Parent Payward Pursues Federal Crypto Bank Charter

Payward, the parent company behind cryptocurrency exchange Kraken, has taken a significant step towards becoming a federally regulated bank. By applying for an Office of the Comptroller of the Currency (OCC) charter, Payward aims to expand its operations nationwide under one unified framework.

The OCC filing builds on Kraken's existing Wyoming bank charter and Federal Reserve master account, which was granted in March. This combination would enable Kraken to operate as a federally regulated trust company, offering bank-grade payment rails to its clients.