Kraken’s Parent Company Seeks National Trust Charter
- Payward, Kraken’s parent company, filed for a national trust company charter with the Office of the Comptroller of the Currency.
- The proposed Payward National Trust Company aims to provide federally regulated digital asset custody services to institutional clients.
- This initiative complements Payward’s existing Wyoming-chartered bank, Kraken Financial, which holds a Federal Reserve master account.
- Kraken recently acquired stablecoin firm Reap Technologies in a $600 million deal and derivatives exchange Bitnomial for $550 million.
- Payward filed for an IPO last November after raising $800 million at a $20 billion valuation.
Payward’s application for a national trust company charter is part of its strategy to enhance its banking capabilities and provide robust digital asset services under federal regulation. This move aligns with recent regulatory trends supporting new banking entities in the crypto sector.
The acquisition deals and IPO filing highlight Kraken’s aggressive expansion strategy in the cryptocurrency market, aiming to solidify its position as a leading financial entity in digital assets. Source
