Payward, the parent entity of cryptocurrency exchange Kraken, has taken a step toward expanding its regulated operations in the United States. On May 8, 2026, the company submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust company charter. If granted, this would lead to the creation of a new federally supervised entity called Payward National Trust Company, dedicated mainly to handling fiduciary custody and related functions for digital assets.
The proposed trust company aims to deliver secure, bank-grade protection for cryptocurrency holdings to a wide audience, including large institutional investors and everyday customers who prioritize strict regulatory safeguards.
It would build directly on Payward’s current strengths in technology, risk oversight, compliance standards, and its network of already-regulated business units.
This setup is intended to ensure smooth, trustworthy service delivery while meeting the highest levels of security and legal requirements in the evolving digital finance space.
This latest filing reflects Payward’s ongoing strategy to deepen its involvement in federally overseen digital asset services.
A national trust charter would create a dedicated custody platform under direct OCC supervision, addressing the specific demands of institutional players that need a federally qualified custodian.
In turn, it would allow the company to reach more clients nationwide, helping bridge the gap between traditional finance and cryptocurrency markets as U.S. rules continue to develop and clarify.
The application fits neatly into Payward’s broader multi-charter approach.
It complements the firm’s existing Wyoming-based Special Purpose Depository Institution, known as Kraken Financial—the first digital asset bank to secure a master account with the Federal Reserve.
Together, these elements form complementary building blocks in a regulated banking framework designed to support efficient, accessible, and innovation-friendly financial systems rooted in digital assets.
While the Wyoming entity focuses on certain banking activities, the national trust company would emphasize fiduciary services, expanding overall capabilities without overlap.
Arjun Sethi, co-chief executive of both Payward and Kraken, highlighted the company’s long-standing view that digital assets thrive best under clear, transparent oversight.
He described the national trust company as a way to provide the reliability that major institutions expect while laying the foundation for more advanced custody options.
Rather than rushing to lead the pack, Sethi stressed the importance of building the right structure—one that promotes scalability, smooth connections between systems, and forward-looking solutions tailored to future client expectations.
He also noted how the Wyoming operation and the proposed OCC charter work hand in hand to advance a digitally native financial ecosystem.
In a competitive landscape where other major crypto players have pursued similar federal approvals, Payward’s move signals continued industry maturation.
By separating core infrastructure from individual product offerings, the company positions itself to serve diverse markets with consistent standards in liquidity, risk management, and operations.
This filing underscores a commitment to compliance and growth that could benefit clients seeking scalable solutions in the crypto sector.
The development arrives amid broader efforts to integrate digital assets more fully into the U.S. financial system, potentially easing concerns around custody and security for both retail and professional users. If approved, Payward National Trust Company could mark another milestone in the firm’s efforts to foster innovation within a stable regulatory environment.