Ramp applies to the OCC for a national trust bank charter to custody digital assets, days after its $60B valuation

Ramp has applied to the Office of the Comptroller of the Currency to form Ramp National Trust Bank, a national trust bank that would offer fiduciary investment management and custody of digital assets. The application was submitted on 16 October and announced in a post on X on Monday.

The proposed bank would not take deposits or make commercial loans. Ramp said the charter would bring these services under a consistent federal regulatory framework and let it build products alongside its existing banking partners.

The filing comes a week after co-founders and co-CEOs Eric Glyman and Karim Atiyeh said Ramp was valued at $60 billion, following a $1.85 billion round reported by Bloomberg. The seven-year-old company serves 85,000 businesses and generates $2 billion in annualised revenue.

Ramp joins a queue of fintechs and digital asset companies seeking charters with different powers: the OCC said in August it had received 40 de novo applications in the previous 18 months, including for national trust banks.

The read: the charter is for custody, not lending, so Ramp keeps its bank partners and gets a federal licence for the stablecoin and digital asset layer.