Zerohash Files for U.S. National Trust Bank Charter
Mastercard walked away from a ₱116.94 billion ($2 billion) acquisition offer for Zerohash earlier this year and is now discussing a strategic investment instead. The Chicago-based digital asset infrastructure firm has filed for a U.S. national trust bank charter with the Office of the Comptroller of the Currency.
Key Takeaway
Federal trust charters let crypto firms operate under banking rules without becoming full deposit-taking banks.
Zerohash filed for a U.S. national trust bank charter with the Office of the Comptroller of the Currency, naming Chief Legal Officer Stephen Gardner as proposed CEO of the trust bank.
The Chicago-based digital asset infrastructure firm joins a wave of crypto companies pursuing federal charters during Donald Trump's second administration. Five others received conditional OCC approval in December: Circle Internet Group, Ripple, BitGo, Fidelity Digital Assets, and Paxos.
Mastercard walked away from a ₱116.94 billion ($2 billion) acquisition offer for Zerohash earlier this year. The payment giant is now discussing a strategic investment in the firm instead. Zerohash serves clients including asset manager BlackRock and prediction markets platform Kalshi.
The proposed trust bank would offer digital asset custody, fiat currency custody, custodial staking, transfer agent services, stablecoin management, and payment services. Trust banks cannot take deposits or issue loans but can hold assets in custody under federal oversight.
Kraken Financial recently became the first crypto firm to secure Federal Reserve master account approval from the Federal Reserve Bank of Kansas City. Senator Cynthia Lummis called the move a watershed milestone. The master account gives Kraken limited Fed access without full bank privileges like interest on reserves or lending facility access.
Zerohash processes over ₱3.8 trillion ($65 billion) in transaction volume across more than 200 jurisdictions.
This article was written based on reporting from Bitcoin Magazine.
