Kraken Parent Payward Applies for National Trust Company Charter with OCC on May 9

According to BlockBeats, on May 9, Payward, the parent company of Kraken, applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter to establish Payward National Trust Company (PNTC). The new entity will focus on providing digital asset custody services for institutional clients under federal regulation.

The charter application aims to offer institutional clients seeking bank-level custody protections greater certainty. PNTC will complement Kraken Financial's existing Wyoming Special Depository Institution (SPDI) banking license and Federal Reserve master account, creating a multi-license coordination strategy at both state and federal levels.