The Office of the Comptroller of the Currency granted preliminary conditional approval to both Revolut and a16z-backed OpenReserve to establish national banks in the US. Both companies plan to offer cryptocurrency services, though additional approvals from FDIC and Federal Reserve are still required.
The U.S. Office of the Comptroller of the Currency granted preliminary approval to OpenReserve Bank, a blockchain-based banking venture backed by Andreessen Horowitz, to operate as a federally licensed national bank. The bank, founded by former MoneyLion executives, aims to connect traditional banking with blockchain infrastructure and digital asset services while operating 24/7.
London-based fintech Revolut secured conditional approval from the Office of the Comptroller of the Currency for a US national bank charter, marking the first of three required federal regulatory clearances. The company still needs approval from the FDIC and Federal Reserve before launching US banking operations planned for 2027.
