Ramp applies for US trust bank charter, plans to offer digital asset custody services.

BlockBeats news, October 20 - According to Bloomberg, fintech company Ramp has announced that it has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a trust bank charter to establish Ramp National Trust Bank. Ramp stated that if the application is approved, the trust bank will be authorized to provide fiduciary investment management and digital asset custody services, but will not take deposits or issue commercial loans. An OCC spokesperson did not immediately respond to a request for comment.

In recent years, an increasing number of companies have sought to obtain bank charters. This year, companies such as Revolut and Crypto.com have received conditional approval for different types of charters. Bloomberg previously reported that Ramp's valuation in its latest funding round reached $60 billion, with annualized revenue having grown to $2 billion.