Galaxy Digital, led by founder and CEO Mike Novogratz, announced on October 29 that its subsidiary has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The proposed New York-based institution would operate as a federally regulated trust bank offering digital asset services and fiduciary investment advisory.
The application would consolidate Galaxy Digital's existing custody, trading, staking, and related services under a single federal regulatory framework. The firm currently holds over 50 licenses across the United States, Europe, and Asia, including SEC-registered broker-dealer subsidiaries that are FINRA members, a CFTC-registered swap dealer subsidiary, and a UK subsidiary authorized by the Financial Conduct Authority. Recently, a Galaxy subsidiary received a BitLicense and Money Transmission License from the New York State Department of Financial Services.
"Digital assets are becoming an increasingly important part of the global financial system, and Galaxy has spent years building the capabilities to support that transition," Novogratz said in a statement.
Galaxy Digital follows numerous other cryptocurrency firms in pursuing national trust bank charters from the OCC. The agency has conditionally or fully approved applications from Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, among others. Ripple received final approval for Ripple National Trust Bank, while Circle obtained final approval for First National Digital Currency Bank in July.
