Kraken's Parent Payward Seeks OCC Charter for National Digital Asset Custody

Payward, the parent company of crypto exchange Kraken, has applied for a national trust company charter with the US Office of the Comptroller of the Currency (OCC). If approved, the move would establish Payward National Trust Company (PNTC) to offer digital asset custody and related services under federal oversight.

The application follows a series of major acquisitions, including retail futures platform NinjaTrader for $1.5 billion in 2025 and crypto derivatives exchange Bitnomial for up to $550 million in April. This week, Payward also purchased Hong Kong-based payments firm Reap Technologies for $600 million.

The OCC charter would allow PNTC to operate nationwide, reducing the need for state-by-state licensing. National trust charters provide broader legitimacy, aligning with Payward’s strategy to attract institutional clients seeking bank-level custody protections.

The application builds on Kraken Financial’s existing Wyoming SPDI charter, granted in 2020. Together, these regulatory pillars form the foundation of Payward’s banking strategy. PNTC would rely on Payward’s established compliance, risk management, and custody infrastructure, ensuring a seamless transition under OCC supervision. Co-CEO Arjun Sethi highlighted the importance of a national trust company, stating it offers the certainty institutions demand. He added that the charter would create the infrastructure needed for the next generation of digital asset custody. Payward’s regulatory push comes as the company expands its services through high-profile acquisitions. The purchases of NinjaTrader, Bitnomial, and Reap Technologies strengthen its position in futures trading, derivatives, and cross-border payments. This growth aligns with the evolving U.S. regulatory climate, positioning Kraken as a fully regulated financial institution.

If approved, the OCC charter would solidify Payward’s role in institutional digital asset custody. The company’s recent acquisitions and regulatory strategy signal a push toward broader financial services under federal oversight.

PNTC would operate under direct OCC supervision, offering institutions a compliant and secure framework for managing digital assets. The move reflects Payward’s commitment to expanding its regulated infrastructure in the U.S. market.