According to Bloomberg, cryptocurrency company Zerohash has applied to the US OCC (U.S. Chamber of Commerce) for a national trust bank license.
According to the application, the company aims to establish Zerohash National Trust Bank (ZNTB).
ZNTB plans to offer a range of digital asset financial services, including custody, staking and verification services for cryptocurrencies and fiat currencies, transaction execution, and stablecoin management.
Stephen Gardner, Chief Legal Officer (CLO) of ZeroHash, has been nominated as the CEO of the planned new bank.
This application follows several crypto companies, including Ripple, Circle, and BitGo, that are aiming to establish federally regulated trust banks. All of these companies received conditional approval from the OCC in December. In December, the OCC announced that it had granted conditional approval to five national trust bank applications. Among the approved companies were Ripple and Circle, as well as BitGo, Fidelity Digital Assets, and Paxos.
National trust banks, unlike traditional banks, do not collect deposits or extend loans. Instead, they offer asset custody, settlement, and escrow services.
*This is not investment advice.