Key Takeaways
- Kraken’s parent entity Payward has submitted an application for a national trust company charter to the OCC
- Approval would establish Payward National Trust Company, providing federally supervised digital asset custody services
- This application complements Kraken’s current Wyoming SPDI banking license and Federal Reserve master account access
- The company has committed more than $2.6 billion to recent purchases, including NinjaTrader, Bitnomial, and Reap Technologies
- Co-CEO Arjun Sethi indicates Kraken is approximately 80% prepared for a public offering targeted for 2027
The parent organization behind cryptocurrency platform Kraken, known as Payward, has submitted a formal request for a national trust company charter through the U.S. Office of the Comptroller of the Currency (OCC). The submission was made public on Friday, May 8, 2026.
Should the application receive approval, it would establish a separate legal entity designated as Payward National Trust Company (PNTC). This new institution would deliver custody and fiduciary services under federal regulation, with a primary emphasis on digital assets.
The regulatory agency has previously granted comparable authorizations to Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. Payward would become part of this exclusive cohort upon successful approval.
Co-CEO Arjun Sethi emphasized the company’s strategic approach over speed to market. “A national trust company provides the certainty institutions require,” he stated in the official announcement.
Expanding Upon Current Banking Foundations
Payward currently operates under a Wyoming Special Purpose Depository Institution (SPDI) license through Kraken Financial, which was granted in 2020. Kraken Financial achieved a historic milestone as the inaugural digital asset banking institution to secure a Federal Reserve master account, enabling direct participation in the U.S. payment infrastructure.
The proposed OCC trust charter would function in tandem with the Wyoming license. Payward characterizes this approach as a “multi-charter” framework, ensuring coverage under both state and federal regulatory supervision.
According to the strategic plan, PNTC would leverage Payward’s established compliance infrastructure and risk management protocols. The primary objective centers on serving institutional customers requiring a federally regulated qualified custodian.
The OCC operates under the leadership of Jonathan Gould, appointed during the Trump administration. The agency greenlit multiple crypto charter applications in a December 2025 approval wave.
Strategic Acquisitions and Public Market Aspirations
Payward has embarked on an aggressive acquisition campaign. During 2025, the company purchased retail futures trading platform NinjaTrader in a $1.5 billion transaction.
In April 2026, Payward entered an agreement to acquire cryptocurrency derivatives platform Bitnomial for a potential value reaching $550 million. This transaction incorporated a comprehensive suite of CFTC licenses encompassing brokerage, clearing, and exchange capabilities.
Earlier this week, the firm unveiled a $600 million agreement to purchase Hong Kong-headquartered payments company Reap Technologies. This strategic move positions Kraken to expand into stablecoin-enabled international payment services and card processing infrastructure throughout Asia.
Collectively, Payward has allocated over $2.6 billion toward these three transactions.
Notwithstanding the acquisition activity, Kraken’s initial public offering plans remain active. Sethi indicated in May that the organization is “about 80% ready” for a potential public market debut by 2027.
Kraken has also recently announced a collaborative agreement with MoneyGram, furthering its expansion into the payments sector.
The OCC charter application is currently under regulatory review. The agency has not disclosed an anticipated timeline for rendering a determination.
