Revolut and OpenReserve Receive Preliminary US National Bank Approval with Crypto Plans
8h ago · 1 source · Summarised by CryptoBipto — how we make this
Revolut and OpenReserve have received preliminary approval from the US Office of the Comptroller of the Currency (OCC) to establish national banks. Both companies have indicated that cryptocurrency-related services are part of their business plans as they pursue full banking charters.
WHY IT MATTERS
In the US, companies that want to call themselves a "national bank" need approval from a federal agency called the OCC. Think of it like getting a license to operate — similar to how a restaurant needs a health permit before it can serve food. Revolut and OpenReserve have passed the first major hurdle in this process, and both plan to offer crypto-related services as part of their banking operations. For people new to crypto, this matters because it could mean cryptocurrency services become available through institutions that are regulated like traditional banks, potentially offering consumers protections and oversight that are common in conventional banking but have been less standard in the crypto world.
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