Kraken Pursues National Trust Company Charter for Expanded Crypto Custody Services

Kraken is seeking to expand its crypto custody services by submitting an application for a national trust company charter to the OCC. This move follows the company's existing Wyoming SPDI banking license and Federal Reserve master account access, which was secured in 2020.

The proposed Payward National Trust Company (PNTC) would operate under federal regulation, providing custody and fiduciary solutions for digital assets. According to the proposal, PNTC would leverage Payward's established compliance infrastructure and risk management protocols.

Payward has executed an aggressive expansion strategy through strategic acquisitions, allocating over $2.6 billion toward recent deals. The company plans to join a group of major industry players with similar authorizations, including Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos.