Ramp Files for National Trust Bank Charter to Offer Digital Asset Custody

The application signals a significant shift towards regulated digital asset services, which could enhance trust and stability in the market.

• Ramp applied to the OCC for a national trust bank charter on October 16, 2026.
• The proposed Ramp National Trust Bank will focus on fiduciary investment management and custody services for digital assets.
• This move aligns with a broader trend of fintech firms seeking regulatory oversight for digital asset services.

• Fintech firms have increasingly pursued OCC national trust bank charters since 2025, with several approvals already granted.
• The OCC's recent rule clarifies the authority for non-fiduciary activities in trust banks, paving the way for digital asset custody.
• Ongoing litigation by the Independent Community Bankers of America (ICBA) could impact future approvals and the regulatory landscape.

On October 16, 2026, Ramp submitted its application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, aiming to establish Ramp National Trust Bank. This proposed entity will provide fiduciary investment management and custody services specifically for digital assets, operating under federal oversight. Notably, Ramp will not accept deposits or issue commercial loans, distinguishing its services from traditional banking operations.

This application comes at a time when the demand for regulated digital asset services is surging among mainstream businesses. Ramp's move is part of a broader strategy to expand its offerings in a rapidly evolving financial landscape. The fintech recently raised $1.85 billion, achieving a valuation of $60 billion, which underscores its ambition and the confidence investors have in its future.

The OCC has been granting national trust bank charters to various fintech and crypto firms since 2025, including notable names like Circle, Ripple, Paxos, and BitGo. This trend reflects a growing recognition of the need for regulatory frameworks that can accommodate the unique characteristics of digital assets. The OCC's conditional approvals, particularly five granted in December 2025, indicate a willingness to adapt to the changing financial environment.

However, the landscape is not without challenges. The ICBA's lawsuit against the OCC, filed in October 2026, questions the chartering practices for non-depository trust banks focused on crypto activities. This legal action could influence the OCC's future decisions regarding trust bank applications, including Ramp's. As of now, Ramp's application is pending regulatory review, with no announced timeline for approval.

Market reactions to Ramp's application have been muted, primarily focusing on the implications of mainstream adoption of regulated crypto custody by large fintechs. The absence of immediate governmental responses or significant market shifts suggests that while the application is a noteworthy development, it is part of a larger narrative unfolding in the fintech and digital asset sectors.

• Fintech companies: Increased competition and potential partnerships with regulated entities.
• Investors in digital assets: Enhanced security and trust in asset custody services.
• Regulatory bodies: Pressure to adapt and clarify rules surrounding digital assets.
• Traditional banks: Need to innovate or adapt to the changing landscape of asset management.

• Regulatory decisions: Keep an eye on the OCC's timeline for approving Ramp's application, as it could set precedents for future fintech charters.
• Litigation outcomes: The ICBA's lawsuit could reshape the regulatory environment for non-depository trust banks and impact Ramp's prospects.
• Market responses: Monitor how other fintech firms react to Ramp's application and the potential for new entrants in the regulated digital asset space.