Payward, the parent company of Kraken, has submitted an application for a national trust charter to the Office of the Comptroller of the Currency (OCC), aiming to establish itself as a federally regulated bank. This move follows a significant $600 million acquisition of Reap Technologies, a Hong Kong-based stablecoin firm, which is expected to enhance its capabilities in digital asset custody.

Payward, the parent company of Kraken, has applied for a national trust charter from the Office of the Comptroller of the Currency (OCC), aiming to establish itself as a federally regulated bank and enhance its digital asset custody services. This application follows a significant $600 million acquisition of Reap Technologies, a Hong Kong-based stablecoin firm, which is expected to bolster Payward's capabilities in the cryptocurrency space.

Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the Office of the Comptroller of the Currency (OCC) for a National Trust Company charter, which would enable it to operate a federally regulated custody business. This move follows a significant $600 million acquisition of Reap Technologies, a Hong Kong-based stablecoin firm, indicating a strategic shift towards banking operations.