Ramp applies for US trust bank charter to offer digital asset custody

Corporate payments platform Ramp has applied for a US national trust bank charter to offer digital asset custody and fiduciary investment management under federal supervision. Summary Ramp applied to the OCC on Oct. 16 to establish a national trust bank offering digital asset custody and fiduciary investment management. The proposed institution would operate under federal supervision without accepting deposits or issuing commercial loans. Ramp reported more than $5 billion in customer balances across its existing checking and investment accounts, which operate through separate financial partners. The application follows similar filings from Rain, Payward and Zerohash as the OCC faces a legal challenge over its authority to charter national trust banks. Ramp’s proposal remains subject to regulatory approval, with no confirmed date for launching its planned custody services. According to the company’s Oct. 19 announcement, the application was submitted to the Office of the Comptroller of the Currency on Oct. 16 for a proposed institution called Ramp National Trust Bank. On Friday, Ramp submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Ramp N...