US Regulators Greenlight Revolut and OpenReserve to Launch Crypto Banks

Regulators at the Office of the Comptroller of the Currency (OCC) have given Revolut and OpenReserve conditional preliminary approvals to establish national banks in the US. These fintech companies aim to provide a range of digital asset services, including stablecoin offerings, as part of their banking platforms.

Revolut, founded in London, wants to shift away from its current system that relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks. The company believes it can deliver more efficient services at a lower cost by operating its own US-regulated bank.

OpenReserve, backed by Andreessen Horowitz, is building a blockchain-based national bank model that combines traditional banking features with digital asset solutions. This platform will offer tokenized deposits and a suite of digital asset options.