Kraken Parent Payward Applies for OCC National Trust Charter
Payward, the parent company of cryptocurrency exchange Kraken, applied for a national trust charter from the Office of the Comptroller of the Currency, according to Banking Dive, joining a growing list of crypto firms seeking federal banking status under the current OCC leadership. The application was filed in May 2026.
A trust charter would allow Payward to offer custody and fiduciary services under federal oversight rather than relying on state-by-state licensing.
What an OCC Trust Charter Means
An OCC national trust charter, also known as a special-purpose national bank charter, allows a company to act as a federally licensed custodian and trustee. For cryptocurrency firms, the charter is significant because it provides a single federal license that supersedes the patchwork of state money-transmission permits most exchanges currently hold.
It does not authorize deposit-taking or lending, but it grants the holder a uniform regulatory status that major institutional clients often require before they will place assets with a custodian. The OCC under Comptroller Jonathan Gould has been receptive to crypto applications since early 2026.
Banking Dive’s report confirmed the filing on May 11.
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Background
Several cryptocurrency companies filed OCC charter applications in the months prior to Payward’s move. Ripple and Paxos are among those who have pursued similar federal licensing, as Banking Dive’s report noted.
The OCC granted a conditional approval in May 2026 to Augustus, a separate fintech, for what it described as the first clearing bank for the AI era, a signal that the agency is actively processing applications. Kraken has operated under state money-transmission licenses since its founding in 2011 and has long sought a path to broader banking access.
The exchange was founded in San Francisco and serves retail and institutional clients across more than 190 countries.
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What Comes Next
OCC charter reviews typically take many months. Payward would need to demonstrate adequate capital, governance, and risk management before the OCC grants conditional or full approval.
The outcome matters beyond Kraken. A successful application would give other large crypto exchanges a template for pursuing federal banking status, potentially reshaping how custody and settlement work across the industry.
Investors are watching whether the OCC maintains its current open posture as more applications stack up.
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