Zerohash Applies for U.S. National Trust Bank Charter

Odaily News: Cryptocurrency infrastructure company Zerohash has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC), seeking to obtain a National Trust Bank charter to expand its digital asset service capabilities.

According to the filing, the trust bank plans to offer several digital asset-related services, including custody of digital assets and fiat currency, custody staking and validation services, transfer agent services, trade execution, stablecoin management, as well as settlement, clearing, and escrow account services. Zerohash's Chief Legal Officer, Stephen Gardner, has been nominated as the CEO of the trust bank.

This application follows the regulatory path of several other crypto companies. Previously, Ripple, Circle, and BitGo also applied to establish federally regulated trust banks and received conditional approval from the OCC in December of last year.

It should be noted that even with this charter, Zerohash will not be able to conduct traditional banking business, such as accepting deposits or making loans. However, the charter will enable the company to operate under a federal regulatory framework, making it easier to attract institutional clients.