According to Odaily, crypto infrastructure company Zerohash has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) seeking a National Trust Bank license to expand its digital asset services capabilities.
According to the filings, the trust bank plans to offer a range of digital asset-related services, including digital asset and fiat currency custody, custody staking and verification services, transfer agency services, trade execution, stablecoin management, and settlement, clearing, and escrow services. Stephen Gardner, Chief Legal Officer of Zerohash, has been nominated as the trust bank's CEO.
This application follows the regulatory path taken by several other crypto companies. Previously, Ripple, Circle, and BitGo also applied to establish federally regulated trust banks and received conditional approval from the OCC last December.
It should be noted that even with this license, Zerohash will still be unable to conduct traditional banking activities, such as accepting deposits or making loans. However, the license will allow the company to operate within the federal regulatory framework, making it easier to attract institutional clients.
