US Digital Banks Receive Preliminary Approval to Integrate Cryptocurrency Services

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for Revolut and OpenReserve to establish national banks in the US. Both companies plan to integrate digital asset services, including cryptocurrency custody, stablecoin access, and tokenized deposits into their banking operations.

Revolut Bank US will be headquartered in Stamford, Connecticut, and offer deposit, loan, payment services, and digital asset services. The company plans to provide cryptocurrency custody through a non-custodial trust structure via a subsidiary regulated by the UK's Financial Conduct Authority (FCA).

Nik Storonsky, founder and CEO of Revolut, stated that 'the conditional OCC approval is an important first step towards establishing Revolut Bank US.' The company will only be able to offer loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies once all approvals are obtained.