Ramp applies for US trust bank charter to offer digital asset custody

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. 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. 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.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to crypto.news.