Revolut Wins Conditional OCC Approval to Establish US Bank
The Office of the Comptroller of the Currency (OCC) has granted Revolut a conditional approval to establish a national bank in the US. This means that Revolut will be able to build and operate its own banking infrastructure under federal supervision.
The approval is not yet final, as Revolut still needs to satisfy the OCC's conditions and obtain approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Nik Storonsky, Revolut's Founder and CEO, said that this is an 'important first step' towards establishing the proposed Revolut Bank US. He believes that it will allow them to bring their services to millions of Americans.
The OCC has also conditionally approved national trust bank charters for other major crypto companies, including Coinbase, Paxos, BitGo, Ripple, and Circle.