Payward Files for OCC National Trust Bank Charter, Signaling Kraken's Push for Federal Banking Footing

Kraken's parent company Payward has submitted an application to the Office of the Comptroller of the Currency for a National Trust Bank Charter, a move that would give the crypto exchange direct access to the federal banking system. The filing represents a strategic escalation beyond Kraken's existing Special Purpose Depository Institution (SPDI) license in Wyoming, which already permits fiat operations but with more limited scope than a full federal charter.

The application signals Kraken's continued pursuit of a formalized banking structure within the United States, a market where regulatory clarity for digital asset firms remains elusive. A National Trust Bank Charter would authorize Payward to operate as a federally chartered trust company, expanding permissible activities beyond what state-level licenses typically allow. Kraken executives have indicated that the charter could unlock new institutional product lines, including custodial services that carry explicit federal backing—a significant competitive differentiator in the wealth management sector.

The filing places additional scrutiny on OCC leadership, who must weigh whether granting such a charter sets a precedent for other crypto-native firms seeking federal banking status. Industry observers note that a successful application could trigger a wave of similar filings from competitors seeking regulatory legitimacy. However, critics remain concerned about whether digital asset firms can satisfy the OCC's stringent requirements around capital adequacy and consumer protection standards. Payward's application is currently under review, with no timeline specified for a decision.