Kraken Parent Seeks Federal Crypto Bank Charter

Kraken's parent company, Payward, has applied for a national trust company charter with the U.S. Office of the Comptroller of the Currency (OCC). This move aims to establish a federally regulated entity for digital asset custody, complementing its existing Wyoming bank charter and Federal Reserve master account access. The application signifies Kraken's strategy to expand its regulatory footprint and attract institutional clients by offering bank-level protections under OCC oversight. This pursuit of federal charters reflects a broader trend among crypto firms seeking legitimacy and nationwide operations amidst evolving digital asset regulations.