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ZEC $1,145 Ramp files with OCC for national trust bank to offer crypto custody
The payments company wants federal approval to hold digital assets and manage fiduciary investments, without taking deposits or making loans.
Key takeaways
- Filing, not approval. Ramp submitted its OCC application on Oct. 16, and the proposed trust bank has not been approved.
- Balances stay elsewhere. Ramp reports more than $5 billion in customer balances, but none of it is held in digital asset custody.
- Crowded queue. Rain applied on Oct. 5, Payward on May 8 and Zerohash filed a revised application on Aug. 19.
What happened
Ramp has applied to the Office of the Comptroller of the Currency to set up a national trust bank. The company filed on Oct. 16 and announced the move on Oct. 19. The proposed institution is called Ramp National Trust Bank.
If approved, the charter would let Ramp offer digital asset custody and fiduciary investment management under federal supervision. Ramp said the bank would not take deposits or make commercial loans. The company said the charter would place investment management and custody under a consistent federal framework.
Ramp's existing products run through other firms. Checking deposits come from First Internet Bank of Indiana, an FDIC member. The Investment Account is offered by Ramp Advisory LLC, with Apex Clearing Corporation handling brokerage and custody. Ramp did not announce changes to these partners.
Why it matters
Ramp is one of several firms seeking federal trust charters for digital assets. Rain applied on Oct. 5, Payward filed on May 8 and Zerohash filed a revised application on Aug. 19. The OCC has given conditional approvals to Ripple, BitGo, Paxos and Fidelity Digital Assets, which must meet more requirements before operating.
The process faces a legal challenge. The Independent Community Bankers of America sued the OCC on Oct. 2, arguing the regulator exceeded its legal authority. The group wants a court to strike down the OCC's 2026 chartering rule and Interpretive Letter No. 1176. The case does not name Ramp.
What the data shows
Ramp reported more than $5 billion in customer balances across its checking and investment accounts as of Oct. 20. The company describes the figure as assets under management and administration, not regulatory assets under management. The balances are not held in digital asset custody.
On Oct. 14, co-founders Eric Glyman and Karim Atiyeh said Ramp reached a $60 billion valuation. They said it serves 85,000 businesses and has annualized revenue above $2 billion.
What is still unclear
- Ramp has not said when the proposed bank could begin operating or which digital assets it would support.
- As of Oct. 20, the OCC's public register did not show a Ramp filing document or a comment deadline.
Questions readers ask
What is Ramp National Trust Bank?
It is the proposed national trust bank Ramp applied to the OCC to create on Oct. 16. If approved, it would offer digital asset custody and fiduciary investment management under federal supervision, without taking deposits or making commercial loans.
Has the OCC approved Ramp's trust bank charter?
No. Ramp's proposed trust bank has not been approved, and the company has given no timeline for a decision.
Does Ramp already hold customer crypto?
No. Ramp's reported balances of more than $5 billion sit in checking and investment accounts run through separate partners, not in digital asset custody.
Why is the OCC trust charter process in court?
The Independent Community Bankers of America sued the OCC on Oct. 2, saying the regulator went beyond its legal authority. The group wants the OCC's 2026 chartering rule and Interpretive Letter No. 1176 struck down.
