Ramp applies for US OCC trust bank charter for digital asset custody

Financial technology company Ramp announced that it has submitted an application to the Office of the Comptroller of the Currency for a trust bank charter. According to a report by Bloomberg, this move is intended to expand the firm’s regulatory capabilities and service offerings in the financial sector.

If the regulator approves the application, Ramp would gain the authority to offer fiduciary investment management services to its clients. The charter would also permit the company to provide custody services for digital assets, marking a significant shift in its operational scope.

Regulatory Scope and Services

The application targets a specific type of banking license known as a trust bank charter. This designation is distinct from standard commercial banking licenses and focuses on trust and fiduciary activities. According to the Bloomberg report, the primary goal is to legally structure Ramp’s ability to manage investments on behalf of clients.

This regulatory step is crucial for firms looking to integrate traditional financial services with emerging technologies. By seeking this charter, Ramp aims to operate under federal supervision for these specific high-value services. The Office of the Comptroller of the Currency is the federal agency responsible for chartering and regulating national banks and federal savings associations.

Strategic Implications for Fintech

Ramp’s decision to pursue a trust bank charter reflects a broader trend among financial technology firms seeking deeper integration into the banking system. Digital asset custody is a growing segment of the market, requiring robust security and regulatory compliance. The firm’s application signals its intent to handle these assets with the same level of regulatory oversight as traditional financial instruments.

The potential approval would allow Ramp to compete more directly with established financial institutions that already offer these services. It also positions the company to serve clients who require secure, regulated custody for their digital holdings. The outcome of this application will likely be watched closely by other fintech firms considering similar regulatory paths.

What should you do?

Security and technology professionals should monitor regulatory announcements from fintech firms to understand changes in compliance requirements. Organizations using Ramp’s services should review their contracts for updates regarding custody and investment management terms. IT teams should assess how new fiduciary services might impact their data handling and security protocols. Watch for official communications from the OCC regarding the status of the application.

What to do and how to stay safe: Ramp

• Review current service agreements with fintech providers for clauses related to regulatory changes.
• Monitor official announcements from the Office of the Comptroller of the Currency for approval decisions.
• Assess internal security policies to ensure they cover digital asset custody if your firm adopts such services.
• Consult with legal counsel to understand the implications of fiduciary investment management on your organization.

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General security guidance from the Threat Times newsroom. It is not confirmed advice from the organisations named in this story.

Frequently asked questions

What type of charter did Ramp apply for?

Ramp applied for a trust bank charter with the Office of the Comptroller of the Currency.

What services would this charter allow Ramp to offer?

The charter would allow Ramp to offer fiduciary investment management and digital asset custody.

Which agency is reviewing Ramp's application?

The Office of the Comptroller of the Currency is reviewing the application.