Payward, the parent company of global cryptocurrency exchange Kraken, has applied to the US Office of the Comptroller of the Currency (OCC) for a federal trust company charter. This is seen as a full-fledged move to become a federally regulated 'cryptocurrency bank'. If this application is approved, 'Payward National Trust (PNTC)' will be established. This institution plans to provide federal-level cryptocurrency custody and trust services to institutional investors. This is a strategic expansion following its existing Wyoming Special Purpose Depository Institution (SPDI) license and securing a Federal Reserve (Fed) master account.
