Revolut and OpenReserve Get Preliminary Approval for Crypto-Focused Banks in US

Revolut and OpenReserve have received preliminary approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks, with plans to offer cryptocurrency and stablecoin services.

Both companies aim to provide lower-cost and more efficient banking experiences than their current models. Revolut wants to use its own US bank to offer digital asset custody and allow customers to use crypto assets for cross-border transfers.

Revolut also plans to issue its own branded stablecoins through a third party. OpenReserve, backed by Andreessen Horowitz, is building a blockchain-based bank that will offer traditional banking services alongside tokenized deposits and digital asset services.