Kraken's parent company, Payward, has applied for a U.S. OCC license, seeking to become a federal crypto bank.

CoinFeed reported on May 9th that Payward, the parent company of cryptocurrency exchange Kraken, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust company license to establish the Payward National Trust Company, aiming to expand its federally regulated digital asset custody business. The trust company will primarily serve institutions and clients seeking bank-grade custody protection under OCC regulation. Payward co-CEO Arjun Sethi stated that the national trust company provides institutions with the certainty they need and lays the foundation for building next-generation custody infrastructure. This application is Kraken's latest move to seek a federal license in the Trump administration's more favorable regulatory environment for the crypto industry.