Kraken parent goes for the OCC charter in bid to become a federal crypto bank
60-second summary
Kraken's parent company, Payward, is pursuing an OCC charter to become a federally regulated trust company, complementing its existing Wyoming bank charter and Fed master account. This move would allow Kraken to expand its services and offer more secure custody options to clients. The industry implication is a potential shift towards mainstream acceptance of crypto assets.
Payward’s application would add a federally regulated trust company to the Kraken group’s existing Wyoming bank charter and Fed master account.