Ramp applies for OCC national trust bank charter for digital asset custody

New York-based fintech Ramp has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The application, filed around October 16, seeks to establish Ramp National Trust Bank, an entity focused on fiduciary investment management and the custody of digital assets.

Ramp stated that the new entity “will not take deposits or make commercial loans,” a strategy intended to operate under a specific federal regulatory framework for custody rather than the broader commercial banking system. This approach has been utilized by other firms, including Circle and Stripe-owned Bridge.

The application arrives amid legal challenges regarding the OCC’s issuance of trust charters to crypto-related firms. The Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC in October, arguing that these charters serve as an unauthorized “side door into the banking system for crypto firms.”