Corporate payments company Ramp has applied for a US national trust bank charter to offer digital asset custody and fiduciary investment management under federal oversight. The company filed its application with the Office of the Comptroller of the Currency (OCC) on October 16 and announced the filing on October 19.
The proposed bank, called Ramp National Trust Bank, would not take deposits or make commercial loans. If approved, the charter would bring Ramp's investment and custody services under what the company describes as a consistent federal regulatory framework.
Current Business Operations
Ramp currently offers business checking through First Internet Bank of Indiana, an FDIC member institution. Its Investment Account is operated by Ramp Advisory LLC, with Apex Clearing Corporation handling brokerage and custody services.
According to the company's disclosures, Ramp has more than $5 billion in customer balances across checking and investment accounts as of October 20. In October, Ramp's co-founders announced the company had reached a $60 billion valuation and serves 85,000 business customers with annualized revenue above $2 billion.
Broader Regulatory Landscape
Ramp is one of several firms seeking federal trust charters. Rain applied on October 5 for a charter focused on digital asset custody and stablecoin reserve management. Kraken's parent company Payward filed on May 8 for a trust company charter focused on custody for institutional clients, while Zerohash filed a revised application on August 19.
The OCC has already granted conditional approvals to Ripple, BitGo, Paxos, and Fidelity Digital Assets, though these firms must meet additional requirements before beginning operations.
Legal Challenges
The trust bank chartering process faces legal opposition. The Independent Community Bankers of America sued the OCC on October 2, challenging the regulator's authority to grant these charters. The group seeks to strike down the OCC's 2026 chartering rule and Interpretive Letter No. 1176, citing concerns that consumers could misunderstand the protections these trust banks offer.
The OCC has stated that its March 2026 rule only clarified existing powers. As of October 20, the OCC's public register had not yet published Ramp's filing document or established a comment deadline.
