Ramp filed for a national trust bank charter with the Office of the Comptroller of the Currency on Friday, the company wrote Monday in posts on X and LinkedIn. The application came one day after Ramp announced it had raised $1.85 billion in a financing round led by Dragoneer Investment Group. That number says more than any press release.
Ramp said it would offer fiduciary investment management and digital-asset custody, but would not take deposits or make commercial loans, if the charter is approved.
The OCC has approved or conditionally approved 21 national trust bank charters since the start of President Donald Trump’s second term, the ICBA noted. Thirteen of those have come from crypto companies, the trade group said.
Comptroller of the Currency Jonathan Gould has defended his agency’s conditional charter approvals, saying “we don’t have a zero risk tolerance anymore.” Gould said at an event in May: “That’s not what the statute says. The statute talks about a reasonable chance of success. That’s how we evaluate applications.”
Easy to announce, harder to underwrite.