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Galaxy Digital Seeks Bank Charter to Expand Financial Services Reach

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Galaxy Digital Seeks Bank Charter to Expand Financial Services Reach

Digital assets and data infrastructure company Galaxy Digital aims to create a national trust bank that would provide fiduciary investment advisory services along with Galaxy’s custody, trading and staking services, the company said in a Thursday (Oct. 29) press release.

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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.


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