Crypto.com, a leading digital asset platform headquartered in Singapore, has officially announced its plans to submit an application for a national trust bank charter to the U.S. Office of the Comptroller of the Currency (OCC). This significant move represents a strategic shift for the company as it aims to expand its presence within the regulated U.S. financial system.
By pursuing this special-purpose national bank charter, Crypto.com joins the ranks of other prominent players in the crypto space—such as Coinbase, Ripple Labs, Paxos, and Sony Bank—who are also seeking regulatory clarity and streamlined operations under a single federal regulator. Obtaining the charter would enable Crypto.com to offer fiduciary services and manage digital assets at a national level without needing to navigate the complex patchwork of state licensing regimes.
According to the company’s official statement, the charter would allow Crypto.com to significantly strengthen its custody infrastructure. This includes providing institutional-grade asset custody, staking services, and support for a range of digital protocols, notably Cronos, the company’s own blockchain. The firm intends to become a key custodian for Digital Asset Treasuries (DATs), crypto-based Exchange-Traded Funds (ETFs), and other forms of tokenized financial instruments.
Kris Marszalek, CEO and Co-Founder of Crypto.com, emphasized the importance of this development, stating, “Applying for a National Trust Bank Charter is a critical step in our long-term vision to deliver secure and trusted financial services. We look forward to deepening our capabilities and building further trust among our global user base.”
While the national trust bank charter provides considerable operational flexibility, it comes with limitations—it does not authorize the charter holder to accept traditional deposits or issue loans. Instead, the license allows companies to serve as custodians of digital assets, manage fiduciary responsibilities, and facilitate settlement operations. This makes it especially attractive for crypto firms seeking to offer compliant stablecoin and digital asset services across the U.S.
The charter would place Crypto.com under the full supervision of the OCC, enabling the company to operate in all 50 states without navigating individual state-by-state regulations. This is especially beneficial in a regulatory environment where many crypto companies have struggled with inconsistent oversight from state authorities.
At the same time, another notable development is occurring in the space. Erebor, a new banking venture backed by venture capitalist Peter Thiel, has received preliminary approval from the OCC. The bank is positioning itself as a lower-risk alternative in the wake of the failures of institutions like Silicon Valley Bank (SVB), Silvergate, and Signature Bank. Erebor aims to offer digital-only banking services and integrate stablecoins into its operations, reflecting a growing trend toward digital finance solutions.
An Erebor representative noted that the bank’s conservative business model and focus on traditional banking services with modern technology have contributed to its rapid regulatory progress. The bank will operate out of Columbus, Ohio, with a secondary office in New York, providing customer access exclusively via digital platforms.
Crypto.com’s decision to pursue the trust bank charter comes at a pivotal moment for the digital asset industry. The collapse of several crypto-friendly banks in recent years has created a vacuum in crypto banking services. These closures left many firms scrambling for compliant financial partners that understand the unique needs of digital asset businesses. A national trust bank charter could help fill this gap by offering consistent, regulated services tailored to crypto firms and institutional investors.
Furthermore, the timing aligns with a generally more favorable regulatory climate under a pro-crypto administration. While the Trump-era restrictions on stablecoin usage by banks have recently been reversed, it remains to be seen how consistently the current administration will support new entrants like Crypto.com. Nonetheless, the move signals a broader trend: crypto firms are increasingly seeking to integrate into the traditional financial system rather than operate outside it.
The rise of tokenized assets, including tokenized treasuries and securities, is also driving demand for regulated custody services. Institutional investors are looking for trusted platforms with robust compliance frameworks, making trust bank charters an appealing option for crypto firms that want to scale legally and securely in the U.S.
From a business perspective, acquiring this charter could offer Crypto.com a competitive edge. It would allow the company to attract larger institutional clients, partner with fund managers launching crypto ETFs, and become a major player in the tokenized asset custody sector. This is especially important as financial institutions begin to explore blockchain-based solutions for clearing, settlement, and asset management.
Moreover, the charter could serve as a foundation for future product offerings. While it does not currently permit deposit-taking or lending, it opens the door to partnering with other regulated entities to provide integrated financial services. For example, Crypto.com could collaborate with traditional banks to offer crypto-backed credit products, or with fintech platforms to streamline payment solutions using stablecoins.
The application process itself is rigorous and can take several months or even years to complete. The OCC reviews applicants’ business models, risk management protocols, cybersecurity frameworks, and ability to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Crypto.com’s global reach and existing infrastructure may give it an advantage in meeting these requirements.
In conclusion, Crypto.com’s pursuit of a national trust bank charter marks a critical step in the evolution of crypto-financial integration. As regulatory frameworks mature and the demand for institutional-grade crypto services grows, companies that proactively embrace compliance are likely to establish themselves at the forefront of the next phase of digital finance. With the trust bank charter, Crypto.com not only seeks regulatory legitimacy but also aims to redefine the standards for security, transparency, and innovation in the crypto asset industry.