Ramp Seeks National Trust Charter for Digital Asset Custody

The filing, submitted on October 16, marks a significant shift in Ramp’s operational strategy. If granted a charter, the institution would operate as a specialized entity, explicitly eschewing traditional commercial lending and customer deposit-taking. The company currently manages over $5 billion in customer balances, relying on partnerships with firms like First Internet Bank of Indiana and Apex Clearing Corporation for its existing business checking and investment products. Ramp has not yet disclosed which digital assets it intends to support or a timeline for the launch of these custody services.

This move aligns Ramp with a growing cohort of fintech companies, including Rain, Payward, and Zerohash, that have sought similar federal authorizations. These applications occur against a backdrop of intensifying legal scrutiny regarding the regulator’s authority. The Independent Community Bankers of America filed a lawsuit on October 2, challenging the Office of the Comptroller of the Currency’s ability to grant national trust charters for activities they argue extend beyond traditional fiduciary services. While the litigation does not target Ramp directly, it highlights the regulatory friction surrounding the expansion of digital asset services within the federal banking system. Ramp continues to scale its core business, recently reporting a $60 billion valuation and serving 85,000 businesses.