Key Highlights
- Payward, Kraken’s parent company, applied for a U.S. national trust charter to create a regulated company for safely storing crypto assets.
- Kraken is expanding fast through big deals like buying NinjaTrader, Bitnomial, and Reap Technologies to build a global financial system.
- The proposed trust structure would work alongside Kraken’s Wyoming banking license under a multi-charter regulatory strategy.
Payward, the parent company of crypto exchange Kraken, has reportedly applied for a national trust company charter in the United States with the Office of the Comptroller of the Currency (OCC).
According to the official release, if approved, the application would allow Payward to establish a new entity called Payward National Trust Company (PNTC). The proposed firm would operate under federal regulation and focus primarily on safeguarding digital assets such as cryptocurrencies on behalf of clients.
The custody service is expected to target institutional clients, including investment funds, corporations, and large investors seeking regulated storage solutions under government oversight.
Expansion beyond crypto trading
The application also reflects Payward’s broader strategy to expand beyond spot crypto trading and build a wider financial services platform.
In 2025, Kraken acquired NinjaTrader, a platform used for trading futures, in a deal worth about $1.5 billion. The company also recently agreed to buy Bitnomial, a crypto derivatives exchange, for up to $550 million. The deal helps Kraken gain full access to licenses from the U.S. Commodity Futures Trading Commission (CFTC), which allows it to run more advanced trading services like brokerage and clearing.
Earlier this week, Payward signed a $600 million deal to buy Reap Technologies, a Hong Kong-based payments firm, to grow its stablecoin-based cross-border payment and card systems in Asia.
These moves are part of Kraken’s long-term plan to prepare for a possible initial public offering (IPO) while building a regulated global infrastructure.
Building a broader custody system
The new trust proposal would work alongside Kraken Financial, which already operates under a Wyoming Special Purpose Depository Institution (SPDI) charter obtained in 2020. The entity became the first digital asset-focused bank to gain access to a Federal Reserve master account, allowing direct participation in the U.S. payments system.
The OCC trust structure and Wyoming SPDI are expected to function together as part of Payward’s broader “multi-charter” strategy, which combines state and federal regulatory frameworks to support different financial services.
Other crypto firms seeking federal approval
The application also places Kraken among those that are now applying for bank-like licenses in the U.S. Earlier this year, Coinbase received conditional approval to establish a national trust firm in the country.
Other companies, including Crypto.com and Circle, have also received federal approvals to access U.S. payment systems and national banking services. They are doing this because rules around digital assets are becoming clearer.
These licenses also help companies attract bigger investors and operate more freely across the country without needing approval from each state one by one.
Also Read: Kraken Strikes Deal with MoneyGram for Worldwide Crypto Cash Withdrawals
