Kraken's Parent Company Seeks U.S. Federal Banking Charter

Kraken, one of the largest crypto exchanges, is taking a big step toward becoming more like a traditional bank. Its parent company, Payward, has applied for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). This follows Kraken's earlier move to set up a special-purpose depository institution (SPDI) in Wyoming. A federal charter would allow Kraken to operate more freely across the U.S. and offer services like custody and payments.

For everyday users, this could mean more secure and regulated ways to handle crypto. Imagine being able to store your digital assets with the same protections as a regular bank account. It could also make it easier for businesses to work with crypto, as they'd have a more trusted partner for transactions.

If approved, this charter could help Kraken compete with traditional banks and other crypto firms. Keep an eye out for updates on the approval process. If you're a Kraken user, this could mean more banking-like features in the future, like better security and more services.