Ramp Applies to U.S. OCC for Trust Bank Charter

PANews reported on October 20, citing Bloomberg, that fintech company Ramp has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Ramp National Trust Bank. Ramp said on X that if the application is approved, the trust bank will provide fiduciary investment management and digital asset custody services, and will not take deposits or make commercial loans. This year, companies such as Revolut and Crypto.com have received conditional approval for different types of OCC charters. Bloomberg previously reported that Ramp was valued at $60 billion in a new funding round, with annualized revenue rising to $2 billion.