Ramp is asking the Office of the Comptroller of the Currency for a trust bank charter to custody digital assets. The proposed institution would not take deposits or make commercial loans, according to the company. Ramp says it plans to build products alongside its existing banking partners rather than replace them.
What the charter would let Ramp do
A trust bank charter gives a company a federal framework for holding assets on behalf of clients. For Ramp, that means a regulated path to custody crypto and other digital assets. The application lands as federal regulators weigh how much digital asset activity should sit inside the banking system. The OCC has not said whether it will approve the request, and Ramp hasn't disclosed a timeline for a decision.
The company's pitch is narrow by design. Ramp says the bank would not take deposits or make commercial loans — two functions that define a traditional bank and bring deposit insurance and lending rules into play. Instead, the charter would cover custody. That's a smaller footprint than a full-service bank, but it still puts Ramp under federal supervision for the assets it holds.
Banking partners stay in the picture
Ramp says it would build products alongside its banking partners. That phrasing matters. Ramp, known for corporate cards and spend management software, has relied on partner banks to offer financial products. Adding a trust bank charter doesn't mean cutting those ties. The company is positioning the new entity as an addition to its existing stack, not a replacement for the banks it works with today.
For clients, the practical question is whether a federally chartered custody arm changes how their digital assets are held, insured, or accessed. Ramp hasn't detailed what products would come out of the trust bank first, and it hasn't said which assets it would custody. The company also hasn't named the executives who would run the proposed bank.
The OCC's crowded digital asset docket
The OCC has been fielding a growing set of applications and proposals tied to digital assets. A trust charter is one route companies use to get federal recognition without becoming a full depository institution. The agency has to weigh custody risk, anti-money laundering controls, and capital requirements before granting approval. Ramp's application adds another name to that queue.
There's no public schedule for when the OCC will act on Ramp's request. The company hasn't said whether it would pursue a state trust charter if the federal bid stalls. For now, the application is a statement of intent: Ramp wants a regulated seat at the digital asset custody table, and it's asking federal regulators for the paperwork to get there.
What happens next depends on the OCC's review. Ramp's filing will move through the agency's process, and the company will need to show it can meet the operational and compliance standards that come with a trust charter. Until then, the bank is a proposal, not a product.
