Ramp said on X that it has submitted an application to the OCC to establish Ramp National Trust Bank. A spokesperson for the OCC did not provide an immediate comment when asked.
If the OCC signs off, the trust bank could provide fiduciary investment management and hold digital assets in custody. The firm also said the trust bank would neither accept deposits nor extend commercial loans.
More firms have been chasing banking licenses as the OCC signals it is "open for business again." In the current year, firms such as Revolut Ltd. and Crypto.com secured conditional sign-offs for various charter types. Separately, Bloomberg News earlier reported Ramp's rapid expansion, with a new funding round valuing the company at $60 billion and annualized revenue reaching $2 billion.
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In plain English: approval would let Ramp stand up a trust bank for fiduciary management and crypto custody, while steering clear of deposits and commercial lending. Combined with its reported $60 billion valuation and $2 billion in annualized revenue, the filing signals a push to add regulated services if the OCC signs off.
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