Digital asset infrastructure company Zero Hash has applied for national trust bank status with the Office of the Comptroller of the Currency, seeking approval to expand its role in digital asset settlement and custody services.
The Chicago-based company, which operates under the Zerohash brand, provides crypto infrastructure for banks, brokerages, and fintech platforms.
Clients listed on its website include market prediction platform Kalshi and asset manager BlackRock.
According to a report by BloombergThe proposed national trust bank would provide custody of digital assets, fiat currency and other assets. The entity would also offer custodial betting, transfer agent services and stablecoin management.
Zerohash Chief Legal Officer Stephen Gardner is listed as the proposed CEO of the trust bank.
The filing places Zerohash among a growing group of crypto and fintech companies seeking federal trust statutes during Donald Trump’s second administration.
In December, the OCC granted conditional approval for fiduciary charters sought by Circle Internet Group Inc., Ripple, BitGo Inc., Fidelity Digital Assets and Paxos.
Trust banks differ from traditional banks. They cannot accept deposits or issue loans, but they can hold assets in custody.
Earlier this year, Mastercard considered acquiring blockchain infrastructure company Zerohash for up to $2 billion, but the company decided to remain independent and rejected an outright purchase.
The two are now reportedly discussing a strategic investment, which will allow Mastercard to gain exposure to Zerohash’s technology and customer base while preserving the company’s autonomy.
Kraken secures the Federal Reserve master account
Earlier today, Kraken announced that it obtained a master account from the Federal Reserve, gaining direct access to the US central bank’s core payments infrastructure. Kraken Financial, the company’s banking arm, received approval from the Federal Reserve Bank of Kansas City, allowing it to settle US dollar transactions directly through Fedwire, bypassing intermediary banks.
While the master account grants direct access to payments, Kraken will not receive all the benefits of a traditional bank, such as earning interest on reserves or borrowing through Federal Reserve lines of credit.
The approval marks a major milestone for the crypto industry, which has long been denied access to the Federal Reserve’s payments system. Senator Cynthia Lummis called it a “defining milestone.”
Other companies, including Ripple and Custodia Bank, have sought similar access, but regulatory approval remains selective. Kraken’s approval aligns with discussions about “thin” master accounts, which allow limited access to the Federal Reserve without full banking privileges.