Key Points
- On Oct. 16, Ramp submitted an application to the OCC seeking approval for Ramp National Trust Bank, a proposed national trust charter institution.
- The planned entity would focus on cryptocurrency custody and fiduciary investment services while avoiding traditional deposit-taking and lending activities.
- Ramp holds over $5 billion in customer funds, claims a $60 billion company valuation, and serves 85,000 corporate clients.
- Similar federal trust applications have been submitted by Rain, Payward (Kraken’s parent), and Zerohash to the OCC.
- The Independent Community Bankers of America filed suit against the OCC on Oct. 2, disputing the regulator’s charter-granting powers.
Corporate expense management platform Ramp has submitted a formal request for a national trust bank charter in the United States. Approval would authorize the company to provide cryptocurrency custody solutions and fiduciary investment services under federal banking supervision.
The filing reached the Office of the Comptroller of the Currency on Oct. 16, with Ramp publicly disclosing the submission on Oct. 19. The institution would operate as Ramp National Trust Bank if approved.
“It will not take deposits or make commercial loans,” Ramp stated. The firm emphasized that obtaining the charter would place its custody and investment offerings within “a consistent federal regulatory framework.”
Ramp has not disclosed an anticipated launch date for the trust bank. The company also remains silent on which specific cryptocurrencies it intends to custody or whether stablecoin services or digital asset trading will be included.
Business Operations and Client Assets
Currently, Ramp provides corporate checking accounts through a partnership with First Internet Bank of Indiana, which operates under FDIC insurance. The company’s Investment Account product is managed by Ramp Advisory LLC, while Apex Clearing Corporation serves as the brokerage and custody provider.
The firm made no announcement regarding modifications to these existing partnerships. According to its public disclosures, Ramp oversees more than $5 billion in client funds spread across checking and investment products as of Oct. 20.
These existing balances remain outside cryptocurrency custody arrangements. The proposed trust bank awaits regulatory approval.
Co-founders Eric Glyman and Karim Atiyeh announced on Oct. 14 that Ramp had achieved a $60 billion valuation. They reported serving 85,000 business clients and generating annualized revenue exceeding $2 billion.
Wave of Crypto Charter Applications Meets Industry Resistance
Ramp represents the latest in a series of companies pursuing federal trust bank authorizations. Rain submitted its application on Oct. 5, targeting digital asset custody paired with stablecoin reserve administration.
Payward, the corporate parent of Kraken, filed on May 8 for a trust charter emphasizing institutional custody services. Zerohash submitted a revised application on Aug. 19 following the OCC’s return of its initial submission in July.
The OCC has previously granted conditional approvals to Ripple, BitGo, Paxos, and Fidelity Digital Assets. These companies face additional compliance obligations before commencing operations.
The approval pathway now confronts litigation. The Independent Community Bankers of America initiated legal action against the OCC on Oct. 2, arguing the agency exceeded its statutory mandate.
The banking trade group seeks judicial invalidation of the OCC’s 2026 chartering framework and Interpretive Letter No. 1176. ICBA president Rebeca Romero Rainey expressed concern that consumers might misinterpret the regulatory protections associated with these specialized trust institutions.
The OCC has maintained that its March 2026 regulation merely codified pre-existing authority. According to Reuters, the agency declined commentary on the pending litigation. The lawsuit does not specifically reference Ramp.
Ramp’s submission enters the OCC’s standard review process. The regulator may request supplementary information and impose operational conditions before granting approval. Public comment windows typically span 30 days following official publication.
As of Oct. 20, the OCC’s public filing registry contained no visible documentation for Ramp’s application nor any established comment deadline. The company has not provided an expected decision timeframe.
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