Zerohash Applies for National Trust Bank Charter with OCC

Zerohash, a blockchain infrastructure provider, has taken a significant step in its expansion plans by applying for a National Trust Bank Charter with the Office of the Comptroller of the Currency (OCC). The company joins a growing list of crypto firms seeking federal licensing, which would enable them to operate as trust banks nationwide.

A National Trust Bank Charter allows an institution to engage in fiduciary activities, asset custody, and settlement services. However, institutions with this charter are not allowed to take deposits or issue loans and do not receive FDIC insurance.

The OCC has been granting approvals for crypto firms to obtain trust charters at a rapid pace. In recent years, companies like Crypto.com, Ripple, Circle, Paxos, Fidelity, BitGo, and World Liberty Financial's subsidiary have received similar approvals or filed their applications.