Kraken parent company applies for OCC charter in move toward banking

Payward, Kraken’s parent, filed with the U.S. Office of the Comptroller of the Currency for a national trust company charter to form Payward National Trust Company and offer fiduciary custody and other digital-asset services. The move follows OCC approvals granted to Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos, and builds on Kraken Financial’s Wyoming Special Purpose Depository Institution and an existing Federal Reserve master account. Management says the charter would create institutional-grade custody infrastructure and the company remains on track for a potential U.S. IPO (about “80% ready” for 2027). Market impact: the filing signals continued institutionalization and regulatory pathway normalization for crypto custodians, which may support investor confidence in custody solutions, aid Kraken’s product expansion and improve its prospects for fundraising or an IPO, while keeping regulatory scrutiny and political context (OCC leadership) relevant risks.