Revolut, OpenReserve get preliminary US bank approval with crypto plans
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Cointelegraph by Helen Partz
Revolut and OpenReserve have secured preliminary approval from the OCC to establish US national banks. Both fintech firms intend to integrate cryptocurrency and stablecoin services into their new banking operations.
Fintech Expansion: The OCC Approves New National Bank Charters
In a significant development for the financial technology sector, the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to both Revolut and OpenReserve to establish national banks in the United States. This regulatory milestone marks a pivotal shift in how digital-first financial institutions integrate into the traditional banking landscape. By seeking national charters, these firms are signaling a transition from operating primarily as fintech platforms toward becoming full-fledged banks capable of providing a broader suite of financial services under federal oversight.
Strategic Geographic Positioning
According to the regulatory filings, the proposed banks are strategically positioned across the country. Revolut is moving forward with its plans in Connecticut, while Andreessen Horowitz-backed OpenReserve is targeting Utah for its operations. By selecting these specific states, the companies are likely leveraging existing regulatory ecosystems and regional financial infrastructures to facilitate their entry into the competitive US banking market. This regional approach allows the firms to build localized banking foundations while maintaining the national reach afforded by an OCC charter.
The Shift Toward Crypto and Stablecoin Integration
Central to this approval is the explicit intention of both companies to offer cryptocurrency and stablecoin-related services. As the digital asset market matures, the integration of these assets into regulated banking environments is viewed by regulators as a necessary step for consumer protection and market stability. By bringing crypto services under the umbrella of a national bank, Revolut and OpenReserve are aiming to bridge the gap between traditional fiat banking and the emerging decentralized finance sector, offering users a more seamless experience between the two worlds.
Operational Efficiency and Cost Reduction
Revolut has identified a clear rationale for this transition: the desire to provide services at a lower cost and with greater efficiency. Currently, Revolut operates in the US by relying on third-party banking partnerships—a model that often introduces friction and additional costs for the end-user. By obtaining its own charter, Revolut can bypass these intermediaries, potentially lowering fees and improving the speed of transactions, which is a major competitive advantage in the crowded fintech space.
Broader Implications for the Banking Sector
This move by the OCC indicates a regulatory willingness to evolve alongside the fintech industry. By providing a path for digital-native companies to obtain national bank charters, the OCC is fostering a more inclusive financial ecosystem. However, these approvals come with conditional requirements, suggesting that while regulators are open to innovation, they remain committed to rigorous oversight regarding capital requirements, risk management, and the complexities of digital asset custody.
Looking Ahead: Future Trends
As Revolut and OpenReserve move through the final stages of the approval process, the industry will be watching closely to see how they navigate the stringent compliance standards of the US banking system. If successful, these banks could set a blueprint for other fintech firms to follow, potentially triggering a wave of similar applications. The evolution of these entities into national banks suggests a future where cryptocurrency is not a peripheral asset class, but a core component of mainstream retail and commercial banking.