Kraken parent Payward files for OCC charter to offer regulated crypto custody

Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the US Office of the Comptroller of the Currency to establish Payward National Trust Company, a federally chartered trust entity that would offer regulated digital asset custody services.

The move would give Kraken a national charter alongside Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos, all of which already operate under OCC oversight. A national trust company provides ‘the certainty institutions require and establishes the infrastructure to build the next generation of custody,’ Kraken co-CEO Arjun Sethi said.

What the charter would enable

The OCC charter would permit fiduciary custody and related services for digital assets on a national scale, subject to capital adequacy standards, internal control requirements and ongoing supervisory examinations. The application lands as OCC head Jonathan Gould, a Trump appointee, has overseen a string of national trust approvals that have generated scrutiny as the agency also weighs other applications including one from World Liberty Financial, the crypto firm co-founded by Donald Trump and his sons.

Payward already operates under Wyoming’s Special Purpose Depository Institution framework via Kraken Financial and holds a Federal Reserve master account. A federal charter would supersede the state-level framework and provide a single nationwide regulatory baseline.

Broader Kraken strategy

The charter application fits into a broader push by Kraken to position itself as a regulated financial institution. Sethi has stated the exchange is ‘about 80 per cent ready’ to go public, with a potential US IPO targeted for 2027. The company has also pursued strategic acquisitions in US derivatives and crypto services.

‘This is not about being first; it is about getting the framework right so markets can scale with clarity, interoperability, and long-term vision for what clients will demand as these systems mature,’ Sethi said.