Ramp Seeks US Bank Charter to Custody Digital Assets
By Damilola Esebame
AI summary of the source article
Ramp filed an application on October 16 with the OCC for a national trust bank charter to offer digital asset custody and fiduciary investment management. The proposed charter excludes deposit-taking and lending activities.
Why it matters
A successful application would "mark a significant step in the convergence of traditional finance and digital assets" and "signal whether Washington views fintech-led banking as a viable path forward or an overreach that demands legislative guardrails."
Key facts
- Ramp applied on October 16 for an OCC national trust bank charter for Ramp National Trust Bank.
- The charter excludes deposit-taking and lending, focusing on bringing digital asset custody and fiduciary investment management in-house.
- The Independent Community Bankers of America filed a lawsuit on October 2 challenging the OCC's authority to charter non-depository fintech companies.
Source excerpt · FinanceFeeds
Ramp, the corporate finance platform valued at $60 billion, filed an application on October 16 with the Office of the Comptroller of the Currency for a national trust bank charter. The proposed entity, Ramp National Trust Bank, would provide custody and fiduciary investment management services for digital assets. Unlike a traditional bank charter, the application excludes deposit-taking and lendin…