Payward Seeks OCC Charter for National Trust Company
- Payward, the parent company of Kraken, has filed an application with the OCC to establish a national trust company.
- The proposed Payward National Trust Company aims to provide fiduciary custody and related services for digital assets.
- Kraken Financial, a Wyoming Special Purpose Depository Institution (SPDI), holds a Federal Reserve master account.
- Co-CEO Arjun Sethi highlights that this multi-charter strategy will help serve a broader range of U.S. clients as regulations evolve by 2025.
- A federal charter would allow Payward to operate across all U.S. states without individual state licensing requirements.
Payward’s application to the OCC seeks to expand its regulated infrastructure for digital assets. The new national trust company would complement Kraken Financial’s existing capabilities, enhancing service offerings under federal oversight.
Establishing Payward as a federally regulated qualified custodian could meet growing institutional demand for secure asset custody solutions across all states. This move aligns with the company’s strategy to support evolving U.S. regulatory frameworks in digital finance. (Source)
