Digital asset infrastructure firm Zero Hash has applied for a national trust bank charter with the Office of the Comptroller of the Currency to seek approval to expand its role in the custody and settlement of digital assets.
The Chicago-based company, operating under the Zerohash brand, provides crypto infrastructure for banks, brokerages and fintech platforms.
Clients listed on its website include prediction market platform Kalshi and asset manager BlackRock.
According to a report from Bloombergwill the proposed national trust bank provide custody for digital assets, fiat currency and other assets. The entity will also offer custodial operations, transfer agent services and stablecoin management.
Zerohash chief legal officer Stephen Gardner is listed as the proposed CEO of the trust bank.
The filing places Zerohash among a growing group of crypto and fintech firms seeking federal trust charters under Donald Trump’s second administration.
In December, the OCC granted conditional approval of 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 keep assets in custody.
Earlier this year, Mastercard considered buying blockchain infrastructure firm Zerohash for up to $2 billion, but the company chose to remain independent and rejected an outright purchase.
The two are now reportedly discussing a strategic investment that would allow Mastercard exposure to Zerohash’s technology and customer base while maintaining the company’s autonomy.
Kraken secures the Federal Reserve master account
Earlier today, Kraken announced that it has secured a master account at the Federal Reserve that provides direct access to the US central bank’s central payment infrastructure. Kraken Financial, the company’s banking arm, received approval from the Federal Reserve Bank of Kansas City, allowing it to settle US dollar transactions directly through Fedwire, without intermediary banks.
While the master account provides 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 an important milestone for the crypto industry, which has long been denied access to the Fed’s payment system. Senator 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 is consistent with discussions of “lean” master accounts, allowing limited Fed access without full banking privileges.