Kraken Parent Company Applies for OCC Charter in Move Toward Banking

Payward, the parent company of cryptocurrency exchange Kraken, has applied for a national trust company charter from the US Office of the Comptroller of the Currency (OCC). If approved, this would establish Payward National Trust Company, enabling it to provide fiduciary custody and other services, primarily for digital assets. This move follows similar approvals granted by the OCC to other crypto firms like Coinbase and Ripple Labs. Kraken co-CEO Arjun Sethi stated that the charter provides institutional certainty and the infrastructure for next-generation custody, emphasizing a focus on a correct framework for market scaling. The application builds upon Kraken's existing Wyoming-based Special Purpose Depository Institution, Kraken Financial, and its Federal Reserve master account access. The company is also reportedly still considering a US initial public offering.

(Source：Cointelegraph)