Ramp Seeks US Bank Charter to Custody Digital Assets

Ramp, the corporate finance platform valued at $60 billion, filed an application on October 16 with the Office of the Comptroller of the Currency for a national trust bank charter. The proposed entity, Ramp National Trust Bank, would provide custody and fiduciary investment management services for digital assets. Unlike a traditional bank charter, the application excludes deposit-taking and lending activities. The move positions Ramp to hold and manage crypto assets under a federal regulatory framework rather than a patchwork of state licenses.

Ramp Seeks to Bring Digital Asset Custody In-House With OCC Charter

Ramp has grown rapidly since its founding by Eric Glyman and Karim Atiyeh, now serving more than 85,000 businesses across the United States. The company generates over $2 billion in annualized revenue and manages more than $5 billion in customer balances. Its existing financial infrastructure relies on a network of partners. Checking accounts run through First Internet Bank of Indiana, while investment services operate through Ramp Advisory LLC, Moment Advisors, and Apex Clearing. A national trust charter would allow Ramp to bring digital asset custody in-house rather than depending on third-party custodians.

Ramp CEO Highlights Benefits of Federal Oversight for Crypto Custody

In its announcement, Ramp said the proposed trust bank would bring digital asset custody and fiduciary investment management services under a "consistent federal regulatory framework."A national trust bank charter from the OCC grants several advantages over state-level alternatives. It provides a uniform regulatory standard recognized across all 50 states, eliminating the need for multiple state money transmitter licenses. Trust banks operate under strict fiduciary obligations, which could reassure institutional clients about the safety of their digital asset holdings. The charter also places Ramp under direct federal supervision, a distinction that carries weight with enterprise customers evaluating custodial partners.

Fintech Charter Applications Rise as Banking Groups Challenge OCC Authority

Ramp is not alone in seeking federal banking credentials for digital asset services. Rain submitted its own OCC application on October 5, while Payward filed in May and Zerohash submitted a revised application in August. The trend reflects growing industry interest in obtaining federal charters rather than relying on state-by-state compliance.Not everyone supports the OCC's willingness to charter fintech firms. The Independent Community Bankers of America filed a lawsuit on October 2 challenging the agency's authority to grant national bank charters to non-depository financial technology companies. The ICBA argues that the OCC is overstepping its statutory mandate by extending charter privileges to firms that do not accept insured deposits. The legal challenge could reshape the regulatory landscape for every pending application, including Ramp's.

Ramp Faces Regulatory Review as OCC Charter Dispute Continues

Ramp has not announced an expected decision date for its national trust bank charter application. The OCC may request additional information before reaching a decision, and the review timeline can vary depending on the application and any deficiencies identified.The outcome of the ICBA lawsuit could influence the agency's appetite for approving new fintech charters during that window. A successful application would mark a significant step in the convergence of traditional finance and digital assets. Ramp would join a small group of firms operating under direct federal banking oversight while offering crypto custody services. The decision will signal whether Washington views fintech-led banking as a viable path forward or an overreach that demands legislative guardrails.