Revolut and OpenReserve Receive Preliminary US National Bank Approval with Crypto Plans

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.