To further this goal, Galaxy subsidiary Galaxy Digital LP submitted an application to the Office of the Comptroller of the Currency (OCC) to establish the proposed national trust bank, Galaxy National Bank, according to the release.
If the OCC approves the application, Galaxy National Bank would operate as a federally regulated trust institution under OCC supervision and would serve clients across the United States through a single federal framework, the release said.
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Galaxy holds more than 50 licenses across the U.S., Europe and Asia. The company has SEC-registered broker-dealer subsidiaries that are FINRA members, a CFTC-registered swap dealer subsidiary, a U.K. subsidiary authorized by the Financial Conduct Authority, and a subsidiary that has been granted a BitLicense and a Money Transmission License by the New York State Department of Financial Services, per the release.
“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,” Galaxy Founder and CEO Mike Novogratz said in the release. “A national trust charter would be an important next step, allowing us to bring more of our services under a single federal framework and expand how we serve clients as adoption accelerates.”
PYMNTS reported in March that many cryptocurrency and crypto-interested financial firms are pursuing national trust bank charters because they allow custody and tokenization without the heavy regulatory burden of deposit-taking banks.
During 2025 alone, the OCC received 14 de novo charter applications, a number nearly equaling the total applications received by the agency in the previous four years combined.
PYMNTS reported in August that over the 90 days ending Aug. 24, the OCC made nine significant charter determinations, including six preliminary conditional approvals, one final approval and two denials. Four of those six conditional approvals went to companies building digital asset infrastructure.
Blockchain company Ripple announced Monday (Oct. 26) that the OCC gave its final approval for the national bank charter of Ripple National Trust Bank.
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