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. Ramp applied to the OCC on Oct. 16 to establish a national trust bank offering digital asset custody and fiduciary investment management. The proposed institution would operate under federal supervision without accepting deposits or issuing commercial loans. Ramp reported more than $5 billion in customer balances across its existing checking and investment accounts, which operate through separate financial partners.

Also reported by The Defiant.

Source: crypto.news