Ramp Files for OCC Trust Bank Charter to Offer Crypto Custody

Corporate payments company Ramp has applied to the Office of the Comptroller of the Currency to set up a national trust bank that would hold digital assets and manage investments on a fiduciary basis, Blockonomi reported. The filing for the proposed Ramp National Trust Bank was submitted on Oct. 16 and announced on Oct. 19.

The New York-based fintech said the charter would bring its investment and custody services under what it described as a consistent federal regulatory framework. Ramp stated that the bank would not take deposits or make commercial loans. The application has not been approved, and the company has not said when the institution could open or which digital assets it would support.

Key facts

• Ramp filed with the OCC on Oct. 16, 2026; the application was announced on Oct. 19.
• The proposed bank would cover digital asset custody and fiduciary investment management, with no deposit-taking or commercial lending.
• Ramp reports more than $5 billion in customer balances across checking and investment accounts as of Oct. 20; the funds are not held in digital asset custody.
• Co-founders Eric Glyman and Karim Atiyeh said on Oct. 14 that Ramp reached a $60 billion valuation, serves 85,000 businesses and has annualized revenue above $2 billion.
• The Independent Community Bankers of America sued the OCC on Oct. 2 over its authority to grant such charters.

Existing banking partners stay in place

Ramp’s current products run through separate institutions and the company announced no changes to those arrangements. Business checking is provided by First Internet Bank of Indiana, an FDIC member. The Investment Account is offered by Ramp Advisory LLC, with Apex Clearing Corporation handling brokerage and custody, according to Blockonomi. Crypto.news added that portfolios in that account are constructed and managed by Moment Advisors, and that holdings are not FDIC-insured and may lose value.

Crypto.news also reported that Ramp describes the $5 billion figure as assets under management and administration, not the regulatory assets under management of an investment adviser. Ramp has not said whether the custody service would be limited to existing business customers.

A crowded queue at the OCC

Ramp is not the first company to seek a federal trust charter. Rain applied on Oct. 5 for an institution covering digital asset custody and stablecoin reserve management. Kraken parent Payward filed on May 8 for a trust company aimed at institutional custody. Zerohash submitted a revised application on Aug. 19 after the OCC returned its first filing in July; the regulator later opened a comment period on that filing with submissions due Sept. 17.

The OCC has already issued conditional approvals to Ripple, BitGo, Paxos and Fidelity Digital Assets, each of which must meet further requirements before operating. Cryptobriefing listed Circle among the firms that have applied for digital asset trust charters.

The process is contested. The ICBA sued the OCC on Oct. 2, arguing the regulator exceeded its statutory authority by allowing national trust banks to conduct activities beyond traditional fiduciary services. The suit targets the OCC’s 2026 chartering rule and Interpretive Letter No. 1176. ICBA chief Rebeca Romero Rainey said consumers could misunderstand the protections these trust banks offer. The OCC has said its March 2026 rule clarified existing powers rather than creating new ones, and declined to comment on the lawsuit, according to Reuters. The case does not name Ramp.

Why it matters

Ramp would arrive in regulated crypto custody with an existing base of business customers and a revenue stream that does not depend on digital assets, a different starting point from crypto-native applicants. Approval would put a payments company’s asset safekeeping under a single federal supervisor rather than state-by-state arrangements. The ICBA lawsuit means the OCC’s template for these charters could change while applications are in the queue.

What to watch

Ramp’s application now goes through OCC review, during which the regulator can request more details and attach conditions to any approval. Public comment periods typically run 30 days after a notice is published, but as of Oct. 20 the OCC register showed no Ramp filing document or deadline. How the OCC handles the earlier filings and the ICBA case will shape the pace of Ramp’s review.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Blockonomi, Crypto.news, Cryptobriefing