Galaxy’s OCC Move Could Put Crypto Banking on the Map—Minus the Map Makers 🏦

Mike Novogratz’s Galaxy Digital said on Thursday that its subsidiary, Galaxy Digital Bank, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

According to an October 29 press release, the proposed New York-based institution would operate as a federally regulated trust institution under the OCC. Galaxy Digital Bank would provide digital asset services and fiduciary investment advisory services under federal oversight.

The application would bring Galaxy Digital’s cryptocurrency custody, trading, staking and other services into a single federal regulatory framework and allow the firm to expand its client base. Galaxy follows other crypto-focused companies that have received conditional or full approval for national trust bank charters from the OCC.

“Digital assets are becoming an increasingly important part of the global financial system, and Galaxy has spent years building the capabilities to support that transition,” said Mike Novogratz.

The OCC has conditionally approved national trust bank charters for numerous crypto firms as the industry seeks a unified federal framework for offering services involving Bitcoin, Ethereum and other digital assets.