Galaxy Moves Toward a National Trust Bank Charter
Hey Digital Banking Fanatic!
Could a crypto-native company become a federally regulated banking institution? Galaxy Digital is taking a step in that direction. The company has applied to the US Office of the Comptroller of the Currency (OCC) to establish Galaxy National Bank, a proposed national trust bank headquartered in New York.
If approved, the bank would bring Galaxy’s digital asset custody, trading, and staking services, along with fiduciary investment advisory services, under a single federal regulatory framework. That could make it easier for Galaxy to serve institutional clients across the US without relying on a patchwork of state-level approvals.
Mike Novogratz, Galaxy’s Founder and CEO, sees the application as a natural next step as digital assets become more integrated into the financial system. The company already holds more than 50 licenses across the US, Europe and Asia, and recently secured a BitLicense and Money Transmission License in New York.
Of course, this is still an application, not an approved bank charter. But it highlights a broader shift: digital asset firms are looking for ways to bring more of their operations into established regulatory frameworks as institutional adoption grows.
In the meantime, here’s what else is happening in digital banking today👇
See you on Monday!
Cheers,
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NEWS
🇺🇸 Galaxy applies for US national trust bank charter. The company has applied to the OCC to establish Galaxy National Bank in New York. If approved, the federally regulated institution would offer digital asset custody, trading, staking and investment advisory services.
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