New York-based fintech Ramp has applied to the Office of the Comptroller of the Currency for a national trust bank charter to create Ramp National Trust Bank. The company, valued at $60 billion with an annualized revenue run rate of $2 billion, seeks to focus on fiduciary investment management and digital asset custody. This federal charter would not permit deposit-taking or commercial lending but would allow Ramp to safeguard digital assets under federal supervision. The firm joins Circle, Ripple, Paxos, and BitGo in seeking OCC trust charters for digital asset services.
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