Revolut and OpenReserve Receive Preliminary US Bank Approval for Crypto Services

Revolut, a global financial technology company, and OpenReserve, a blockchain-focused firm, have received preliminary approval from the OCC to form US national banks. This approval marks a step forward in their plans to offer banking services that include cryptocurrency and stablecoin-related products. The move suggests a growing interest among fintech companies to integrate digital assets into traditional banking frameworks.

The preliminary approval allows these companies to proceed with establishing their banking entities, subject to further regulatory review and compliance. Both firms aim to leverage this status to facilitate crypto transactions, custody, and potentially other financial services within the US banking system.

This development comes amid increasing regulatory clarity and interest in digital assets by US authorities. While the approval is preliminary, it indicates a positive trajectory for fintech firms seeking to bridge traditional banking with the evolving crypto economy.

The OCC's decision reflects a broader trend of regulatory engagement with crypto-related financial services, potentially paving the way for more innovative offerings and increased institutional participation in the US crypto market.