Crypto Firm Zerohash Is Seeking US National Trust Bank Charter

Share This Post

Digital asset infrastructure firm Zero Hash has applied for a national trust bank charter with the Office of the Comptroller of the Currency, seeking approval to expand its role in digital asset custody and settlement services.

The Chicago-based firm, which operates under the brand Zerohash, provides crypto infrastructure for banks, brokerages and fintech platforms. 

Clients listed on its website include prediction markets platform Kalshi and asset manager BlackRock.

According to a report from Bloomberg, the proposed national trust bank would provide custody for digital assets, fiat currency and other assets. The entity would also offer custodial staking, transfer agent services and stablecoin management. 

Zerohash chief legal officer Stephen Gardner is listed as the proposed chief executive officer of the trust bank.

The filing places Zerohash among a growing group of crypto and fintech firms seeking federal trust charters during the second administration of Donald Trump. 

In December, the OCC granted conditional approval for trust charters requested by Circle Internet Group Inc., Ripple, BitGo Inc., Fidelity Digital Assets and Paxos.

Trust banks differ from traditional banks. They cannot take deposits or issue loans but can hold assets in custody.

Earlier this year, Mastercard considered acquiring blockchain infrastructure firm Zerohash for up to $2 billion but the company chose to remain independent, rejecting an outright purchase. 

The two are now reportedly discussing a strategic investment, allowing Mastercard exposure to Zerohash’s technology and client base while preserving the company’s autonomy.

Kraken secures Federal Reserve master account

Earlier today, Kraken announced that they secured a Federal Reserve master account, gaining direct access to the U.S. central bank’s core payment infrastructure. Kraken Financial, the company’s banking arm, received approval from the Federal Reserve Bank of Kansas City, allowing it to settle U.S. dollar transactions directly through Fedwire, bypassing intermediary banks. 

While the master account grants direct payment access, Kraken will not receive the full benefits of a traditional bank, such as earning interest on reserves or borrowing from the Fed’s lending facilities. 

The approval marks a significant milestone for the crypto industry, long denied access to the Fed’s payment system. Sen. Cynthia Lummis called it a “watershed milestone.”

Other firms, including Ripple and Custodia Bank, have sought similar access, but regulatory approval remains selective. Kraken’s approval aligns with discussions on “skinny” master accounts, allowing limited Fed access without full bank privileges.

Related Posts

Bitcoin Breaks $70K Resistance, Altcoins Follow: Are The Bulls Back?

Key points:Bitcoin’s strong recovery above $74,000, backed by solid...

Satlantis Emerges As Bitcoin-Native Alternative To Luma For Real-World Events

Built on Bitcoin’s ethos and technology, Satlantis...

Ray Dalio thinks bitcoin is no gold, and that is exactly why bulls are buying

Crypto experts are pushing back after billionaire hedge fund...

Nvidia Takes on Telco Industry With Open Source Model

Nvidia released an open source Large Telco Model aimed...