What does Payward aim to achieve with its new trust company?Payward, the parent company of Kraken, has initiated an application for a national trust company charter with the US Office of the Comptroller of the Currency (OCC). This move aims to create a federally regulated entity dedicated to the custody of digital assets, which will be known as the Payward National Trust Company (PNTC). This application signifies a strategic step as Payward bolsters its acquisition efforts within the digital asset market.
Recently, Payward made headlines with its announcement to acquire Reap Technologies, a firm specializing in stablecoins in Asia, for a substantial sum of $600 million. This acquisition is just part of an impressive total of $2.7 billion the company has spent on various acquisitions in about a year, indication of its aggressive growth strategy in the evolving digital banking landscape.
How does the Wyoming charter impact Kraken's operations?Kraken Financial received a Federal Reserve master account in March 2025, marking a significant milestone for digital asset banks and providing direct access to essential US payment systems. However, state charters come with specific limitations that restrict geographic reach and operational flexibility. The anticipated national trust charter is expected to complement the functions of Kraken Financial and enhance Payward's presence across both state and federal banking frameworks.
The favorable regulatory environment established during the Trump administration has converted federal crypto licensing from a previously stagnant process into a more achievable goal. Since late 2025, the OCC has conditionally approved or moved forward with 11 crypto-related trust-charter applications, including major players like Circle, Ripple, and Crypto.com, which reflects a growing acceptance of cryptocurrency in the mainstream financial ecosystem.
What are the financial highlights of Payward?In terms of financial performance, Payward reported an impressive $2.2 billion in adjusted revenue for the year 2025, showing a year-over-year growth of 33%. Additionally, the company achieved an adjusted EBITDA of $531 million, an increase of 26%. By the end of 2025, Kraken noted it had about 5.7 million funded accounts and achieved a staggering platform transaction volume of $2 trillion.
The company is currently valued at approximately $20 billion, though this figure decreased to around $13 billion following a secondary share transaction in April 2026. Kraken is reportedly about 80% prepared for an initial public offering, a process that has been paused but not completely set aside. The acquisition of a federal trust charter could serve as a crucial asset in attracting public market investors looking for credibility in this fast-evolving space.