Kraken parent Payward applies to U.S. OCC for national trust bank charter

Payward, the parent company of global cryptocurrency exchange Kraken, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a charter to establish a federal trust company. The move is seen as a significant step toward becoming a federally regulated crypto bank. If approved, the new entity will be named Payward National Trust (PNTC). The institution plans to offer federal-level cryptocurrency custody and trust services to institutional investors. This strategic expansion follows the company's existing Wyoming Special Purpose Depository Institution (SPDI) charter and its success in securing a Federal Reserve master account.