Revolut and OpenReserve Obtain Preliminary Approval for US Banks with Crypto Services
- The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to establish a bank in Connecticut and OpenReserve to open one in Utah.
- Revolut aims to provide lower-cost services compared to its current model, which relies on FDIC-insured partner banks.
- Planned offerings include digital asset custody, cross-border transfers using crypto assets, and Revolut-branded stablecoins issued by third parties.
- OpenReserve, founded by Dee Choubey in 2025, will offer traditional banking alongside tokenized deposits and digital asset services.
- Both banks must meet OCC preopening requirements before they can commence operations.
With these approvals, both Revolut and OpenReserve are positioned to enhance their service offerings significantly by integrating cryptocurrency solutions into their banking models.
The OCC’s approval allows Revolut to pursue its goal of offering efficient banking services while incorporating digital assets like stablecoins into its operations.(Source)
