Ramp Files for OCC Trust Bank Charter to Enter Digital Asset Custody and Fiduciary Services
Ramp Files for OCC Trust Bank Charter to Enter Digital Asset Custody and Fiduciary Services #
Corporate spend management platform Ramp has submitted an application to the US Office of the Comptroller of the Currency (OCC) to establish Ramp National Trust Bank, as several fintechs pursue federal banking credentials.
Ramp filed the application on October 16 and disclosed the move publicly through posts on X and LinkedIn. If approved, the proposed institution would provide fiduciary investment management and custody of digital assets, but would not accept deposits or issue commercial loans, keeping it narrowly scoped as a trust vehicle rather than a full-service bank.
In a statement accompanying the announcement, the company said the trust bank would bring its services under a consistent federal regulatory framework, allowing it to develop new products in closer collaboration with its existing banking partners.
The application was submitted one day after Ramp closed a $1.85 billion financing round led by Dragoneer Investment Group, which valued the New York-based company at $60 billion.
Ramp is not alone in pursuing this route. According to the OCC’s public list of pending applications, payments software firm Modern Treasury filed for a national trust bank charter on October 1, and Rain followed on October 5. Kraken parent company Payward submitted its own application in May. The OCC also granted final approval in July for First National Digital Currency Bank, which is set to initially hold digital assets on behalf of stablecoin issuer Circle.
The surge in applications has not gone unchallenged. The Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC on October 2 in federal court in Washington, arguing that the regulator is exceeding its congressional mandate by granting limited trust charters to crypto and fintech firms at scale. The trade group contends that Congress never intended the charter to serve as an entry point into the banking system for technology companies. The lawsuit does not directly target Ramp’s application.
Fintechs pursuing trust charters seek direct regulatory standing to offer custody and asset management services rather than routing those functions through bank partners.
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