Ramp seeks US trust bank charter for crypto custody

• Ramp has applied to the US Office of the Comptroller of the Currency to establish Ramp National Trust Bank.
• If approved, the charter would allow fiduciary investment management and digital asset custody under federal oversight.
• The proposed bank would not accept deposits or make commercial loans.

Ramp submitted its application on Friday, seeking approval from the Office of the Comptroller of the Currency (OCC).

The proposed charter would place Ramp’s digital asset custody and fiduciary investment management services within a federal regulatory framework.

“The proposed trust bank would bring these services under a consistent federal regulatory framework, helping us build great products alongside our banking partners to further our mission to save businesses time and money,” Ramp said in a post on X.

Approval would allow Ramp National Trust Bank to provide custody services for digital assets under its proposed charter.

The bank would operate without accepting customer deposits or making commercial loans.

The application forms part of Ramp’s effort to expand its financial services alongside existing banking partners.

A federal charter could provide a clearer regulatory structure for Ramp’s planned custody and investment management operations, subject to OCC approval.

The application remains subject to regulatory approval, which will determine whether Ramp can establish the proposed trust bank.