Revolut, OpenReserve get preliminary US bank approval with crypto plans
Revolut and OpenReserve received preliminary OCC approval to form US national banks, with both planning cryptocurrency and stablecoin-related services.
Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary US regulatory approval to establish national banks, with both companies planning to offer cryptocurrency and stablecoin-related services.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to move forward with a proposed bank in Connecticut and OpenReserve with one in Utah, according to separate decisions published Wednesday.
The OCC said Revolut wants its own US bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.