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.
The proposed bank would operate under a federal regulatory framework if approved, although it would not accept customer deposits or provide commercial loans.
“It will not take deposits or make commercial loans,” Ramp said.
The company said the charter would allow it to bring investment management and digital asset custody services under “a consistent federal regulatory framework” while developing financial products alongside its existing banking partners.
Ramp has not announced when the proposed bank could begin operating or specified which digital assets it intends to support.
Ramp’s trust bank proposal leaves existing deposit arrangements unchanged
Ramp currently provides business checking and investment products through separate financial institutions, with customer funds handled under different regulatory arrangements.
According to its banking disclosures, checking deposits are provided by First Internet Bank of Indiana, an FDIC member institution.
The company’s Investment Account is offered by Ramp Advisory LLC, with portfolios constructed and managed by Moment Advisors. Apex Clearing Corporation handles brokerage execution and custody.
Investments held through that account are not FDIC-insured and may lose value, including the original amount invested.
Ramp’s existing investment products include government money market funds, short-term prime mutual funds, US Treasury securities and investment-grade corporate bonds, depending on the portfolio selected.
The company’s Oct. 19 announcement did not identify any changes to its banking partners or existing investment providers.
Ramp’s disclosures state that more than $5 billion in customer balances were held across its checking and investment accounts as of Oct. 20.
The company describes the figure as assets under management and administration, but specifies that it does not represent the regulatory assets under management of an investment adviser.
Its proposed trust bank has not been approved, and the reported balances should not be treated as assets already held in digital asset custody.
Ramp’s latest application follows its recent expansion into business cash management, which operates alongside its corporate cards, payments and expense management products.
In an October 14 company update, co-founders Eric Glyman and Karim Atiyeh said Ramp had reached a $60 billion valuation and was serving 85,000 businesses.
The company reported annualized revenue exceeding $2 billion and positive cash flow. Its founders said customers were saving more than $1 billion each month through the platform.
Ramp has not disclosed whether its proposed digital asset custody services would be restricted to existing business customers or offered to other institutions.
The announcement did not specify whether the bank would support stablecoins, cryptocurrency trading or other digital asset services beyond custody.
OCC reviews similar national trust bank applications from crypto firms
Ramp’s application follows a series of filings from digital asset companies seeking federal authorization for custody and related financial services.
The OCC’s public licensing register identifies applications from Rain National Trust Bank, Payward National Trust Company and Zerohash National Trust Bank.
Ramp was not listed on the digital asset application page reviewed on Oct. 20. The regulator says the page is updated as new applications are received, and the absence of a listing does not establish whether a filing has been accepted for review.
Rain submitted its application on Oct. 5, seeking permission to establish a federally supervised institution for digital asset custody, stablecoin reserve management and related activities.
As previously reported by crypto.news, the proposed institution would operate as a separately capitalized subsidiary and would not accept deposits, offer consumer accounts or make commercial loans.
Rain said its proposed bank could issue permitted payment stablecoins and provide reserve management services under the federal GENIUS Act, subject to regulatory approval.
Kraken parent Payward filed its national trust charter application on May 8, proposing an institution focused on digital asset custody for institutional clients.
Payward said the proposed trust company would not take conventional deposits or make loans. The application was separate from Kraken’s existing Wyoming-chartered banking operation.
Digital asset infrastructure provider Zerohash submitted a revised charter application on Aug. 19 after the OCC returned its initial filing in July.
Zerohash said the second application sought a narrower set of trust activities. The regulator opened a public comment period for the revised filing, with submissions due Sept. 17.
The OCC’s public record identifies the Zerohash filing as an application and does not show a final charter approval.
The regulator has previously issued conditional approvals to several digital asset businesses, including Ripple, BitGo, Paxos and Fidelity Digital Assets.
Conditional approval requires applicants to meet additional requirements before receiving final authorization and beginning operations.
In May 2025, the OCC clarified its position on cryptocurrency custody and execution services, confirming that national banks and federal savings associations could conduct certain activities involving customer assets.
The guidance permitted banks to buy and sell assets held in custody at a customer’s direction and outsource permissible crypto services to third parties, subject to risk management requirements.
The agency said banks conducting such activities must comply with applicable laws and operate safely.
Community banks challenge OCC authority over crypto trust charters
The national trust bank licensing process is facing a legal challenge from the Independent Community Bankers of America, which sued the OCC on Oct. 2.
In its federal court complaint, the association argued that the regulator exceeded its statutory authority by allowing national trust banks to conduct activities outside traditional fiduciary services.
The lawsuit challenges the OCC’s 2026 chartering rule and Interpretive Letter No. 1176, which the association says permit institutions to operate under national trust charters without meeting the same requirements as conventional banks.
The group wants the court to invalidate the disputed rule and guidance.
ICBA President and CEO Rebeca Romero Rainey said consumers could misunderstand the protections available through federally chartered trust banks that hold digital assets.
The association argued that non-fiduciary businesses seeking national bank charters should face requirements comparable to those imposed on community banks.
The OCC has maintained a different interpretation of its authority.
In its March 2026 rule, the regulator said national trust banks have historically been permitted to conduct certain non-fiduciary activities, including custody and safekeeping.
The agency maintained that its rule clarified existing authority instead of creating new powers for national trust banks.
The legal challenge concerns the regulator’s chartering framework and does not name Ramp as a defendant or directly contest its individual application.
According to an October 2 Reuters report, the OCC declined to comment on the lawsuit.
The dispute concerns the extent of the regulator’s authority to charter institutions that hold and manage customer assets without conducting conventional deposit-taking or lending activities.
Ramp must complete OCC review before launching trust bank
The OCC’s chartering process requires applicants to provide information about their proposed business activities, management, financial resources, governance and regulatory compliance arrangements.
Applications may undergo public review, and the regulator can request further information before making a decision.
The OCC’s public comment procedures generally provide a 30-day period for interested parties to submit comments after publication of the relevant public notice.
Ramp’s October 19 announcement does not establish the beginning of that comment period. A separate public notice would determine the applicable deadline.
The regulator can impose conditions on an approval, including requirements concerning capital, management and operational readiness.
Ramp has not announced an expected decision date or a timetable for launching Ramp National Trust Bank.
The OCC’s public application register reviewed on Oct. 20 did not yet provide a Ramp-specific filing document or comment deadline.
