Ramp Applies to OCC for National Trust Bank Charter Covering Digital Asset Custody

Ramp has applied to the Office of the Comptroller of the Currency for a charter to create Ramp National Trust Bank, an entity focused on fiduciary investment management and custody services for digital assets. Crypto Briefing reported the application was submitted on or around October 16, 2026, with no review timeline disclosed.

Ramp's Trust Bank Application and the OCC

Ramp National Trust Bank would operate under a federal framework that does not permit accepting deposits or issuing commercial loans. The charter is built around two functions: fiduciary activities and custody. Fiduciary work means managing assets on behalf of someone else, with a legal duty to act in their interest, while custody means holding those assets safely. In Ramp's case, the custody piece would extend to digital assets.

The Office of the Comptroller of the Currency rejected Dutch fintech company Bunq BV's application for a US bank charter on August 7, 2026, citing insufficient clarity on its business plan for US expansion, according to Bloomberg. Ramp joins Circle, Ripple, Paxos and BitGo in pursuing OCC trust charters focused on digital assets across the 2025 to 2026 timeframe.

Ramp's Scale Behind the Filing

Ramp is a financial technology company that provides an AI-powered all-in-one corporate spend management platform combining cards, expenses, accounts payable, travel, procurement and accounting automation, according to akta.pro company records. The company was founded in 2019 and is headquartered in New York. Its records show a $750 million Series F funding round announced June 4, 2026, led by ICONIQ, GIC and Ontario Teachers' Pension Plan, at a $44 billion post-money valuation. Total equity financing exceeds $3 billion since its 2019 founding.

Ramp's Funding and Product Run-Up

Ramp raised $1.85 billion at a $60 billion valuation, leading global funding activity, TechStartups reported on October 16, 2026. Ramp launched Glass, an internal AI workspace, after spending $1.5 million on AI tokens in May, Crypto Briefing reported on October 13, 2026. The tool offers a marketplace of over 350 reusable skills and has reportedly cut AI costs by 30% in certain accounts. ServiceTitan announced a partnership with Ramp to integrate AI-powered bill pay and expense management into its contractor software on September 30, 2026, Stock Titan reported.

What Comes Next for Ramp's Charter Bid

Decisions on the earlier filers from Circle, Ripple, Paxos and BitGo may offer the clearest preview of how Ramp's request is likely to be treated. The application is at an early stage, and the absence of any review timeline means Ramp could be waiting a long while.