Key facts
- Revolut and OpenReserve have received preliminary conditional approval from the OCC to establish national banks.
- Revolut plans to offer digital asset custody and allow customers to use crypto assets, including stablecoins, for cross-border transfers.
- OpenReserve plans to offer traditional banking services alongside tokenized deposits and digital asset services.
- Both companies intend to offer cryptocurrency and stablecoin-related services.
- Final approval is pending the fulfillment of OCC preopening requirements.
Revolut and OpenReserve, a crypto banking startup backed by Andreessen Horowitz, have been granted preliminary approval by the Office of the Comptroller of the Currency (OCC) to establish national banks in the United States. These approvals are conditional and require both companies to meet preopening requirements before receiving final authorization.