Ramp: Has applied to the OCC to establish a national trust bank, intending to provide services such as digital asset custody

Financial technology company Ramp announced that it submitted an application to the Office of the Comptroller of the Currency (OCC) on October 16 to establish Ramp National Trust Bank. If approved, the trust bank license will allow it to provide fiduciary investment management and digital asset custody services, bringing it under a unified federal regulatory framework.

In addition, the proposed entity will not engage in accepting deposits or issuing commercial loans.