Ramp says it submitted an application on Oct. 16, 2026, to establish a national trust bank for digital asset custody and fiduciary investment management. The OCC has not approved the proposal. Ramp’s announcement does not establish whether the regulator has accepted the filing for review.
- Ramp says its proposed bank would not take deposits or make commercial loans.
- Which digital assets it would custody, and when it might operate, remain unknown.
- Ramp’s reported $5 billion-plus covers existing checking and investment accounts, not crypto held by the proposed bank.
- A community banking group is challenging the OCC’s broader trust-bank framework.
What Ramp is proposing
Ramp announced the application on Oct. 19, 2026, and named the proposed institution Ramp National Trust Bank. If approved, the bank would operate under the Office of the Comptroller of the Currency’s (OCC) federal supervisory framework.
Ramp says the institution would provide digital asset custody, meaning the safekeeping of customers’ digital assets, and fiduciary investment management, or managing investments on a client’s behalf under legal duties.
“It will not take deposits or make commercial loans.”
Ramp says a charter could bring investment management and digital asset custody under “a consistent federal regulatory framework, ” alongside products developed with its existing banking partners. Based on the information Ramp has provided, the proposed trust bank would not replace those partners or take over its current checking and investment arrangements.
Ramp has not said which cryptocurrencies or other digital assets it would custody, whether the services would be limited to its existing business customers, or whether it might support stablecoins or trading. It has announced no approval date or launch timetable.
Existing accounts remain separate
Ramp’s current checking and investment products are provided through separate institutions. Checking deposits are provided by First Internet Bank of Indiana, an FDIC member. Ramp Advisory LLC offers the Investment Account. Moment Advisors constructs and manages its portfolios, while Apex Clearing Corporation handles brokerage execution and custody.
The Investment Account is not FDIC-insured and can lose value, including the original investment. Depending on the portfolio, it may hold government money market funds, short-term prime mutual funds, U.S. Treasury securities, or investment-grade corporate bonds. These investments are not the same as FDIC-insured bank deposits.
Ramp disclosures reported more than $5 billion in customer balances across its checking and investment accounts as of Oct. 20, 2026. Ramp calls this figure assets under management and administration, but notes that it is not an investment adviser’s regulatory assets under management. It does not measure crypto held in custody by Ramp National Trust Bank, which has not been approved.
Other applications, and a dispute over OCC authority
Ramp’s application comes amid efforts by other digital asset firms to obtain national trust bank charters. Rain said it submitted an application on Oct. 5, 2026, for a proposed bank covering digital asset custody, stablecoin reserve management, and related activities. Rain said the institution would be separately capitalized and would not accept deposits, offer consumer accounts, or make commercial loans. It also said it could issue permitted payment stablecoins under the federal GENIUS Act, subject to approval.
Payward, Kraken’s parent company, filed on May 8, 2026, for a trust company focused on institutional digital asset custody. That proposal is separate from Kraken’s existing Wyoming-chartered banking operation. Zerohash submitted a revised application on Aug. 19, 2026, after the OCC returned its initial filing in July. The public-comment period ended Sept. 17. An application or comment period is not final approval.
The OCC has also issued conditional approvals to Ripple, BitGo, Paxos, and Fidelity Digital Assets. Applicants with conditional approval must meet further requirements before receiving final authorization and beginning operations.
The chartering framework faces a legal challenge. On Oct. 2, 2026, the Independent Community Bankers of America (ICBA) sued the OCC over its 2026 chartering rule and Interpretive Letter No. 1176. The ICBA argues that the OCC exceeded its authority by allowing national trust banks to conduct activities beyond traditional fiduciary services. It asked the court to invalidate the rule and guidance.
The dispute matters to Ramp because the OCC’s authority to charter trust banks for activities such as custody is part of the regulatory framework under which Ramp is seeking approval. The ICBA’s lawsuit does not name Ramp or directly challenge its application. As of Oct. 20, 2026, the available case materials described the challenge, but no court decision had resolved it.
The OCC’s position, set out in its March 2026 rule, is that national trust banks have historically been allowed to conduct some non-fiduciary activities, including custody and safekeeping. The agency says the rule clarified existing authority rather than creating new powers. In May 2025, the OCC also clarified that national banks and federal savings associations could conduct certain activities involving customer assets. These include buying and selling assets held in custody at a customer’s direction and outsourcing permissible crypto services to third parties, subject to risk-management requirements and applicable law.
ICBA president and CEO Rebeca Romero Rainey has warned that consumers could misunderstand the protections associated with federally chartered trust banks holding digital assets. A federal charter should not be confused with FDIC insurance. Ramp says its proposed bank would not take deposits, and it has not specified the protections that would apply to assets it might custody.
What happens next?
The OCC reviews an applicant’s proposed activities, management, financial resources, governance, and compliance arrangements. It can request more information, impose conditions, and open a public-comment period. The agency generally allows 30 days for comments after publishing the relevant public notice.
Ramp’s Oct. 19, 2026, announcement did not start that comment period. As of Oct. 20, 2026, the OCC’s digital asset application page did not list Ramp. No Ramp-specific filing document or comment deadline was available in the public register reviewed. That absence does not establish whether the OCC had accepted the filing for review.
The next concrete signals to watch are an OCC public notice, any conditions attached to a decision, and clarification from Ramp about the assets and services it intends to support. Until then, the application remains a proposal, not a federally approved digital asset custodian.
Key questions about Ramp’s trust bank application
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What would Ramp National Trust Bank do?
If approved, it would offer digital asset custody and fiduciary investment management under OCC supervision, according to Ramp.
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Would it take deposits or make loans?
No. Ramp says the proposed bank would not accept deposits or make commercial loans.
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Are Ramp’s reported $5 billion-plus balances crypto assets?
No. The figure refers to balances in Ramp’s existing checking and investment accounts, not assets held by the proposed trust bank.
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Has the OCC approved the application?
No approval has been reported. As of Oct. 20, 2026, the public register reviewed showed no Ramp-specific filing document or comment deadline.
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Which digital assets would Ramp custody?
Ramp has not specified. It has also not said whether the proposed bank would support stablecoins, trading, or services beyond custody and fiduciary investment management.
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Could the ICBA lawsuit affect Ramp’s application?
The lawsuit challenges the OCC’s broader chartering authority, not Ramp’s application directly. Its outcome could affect the framework the OCC uses to consider trust bank applications.
