Revolut and OpenReserve Secure Preliminary US Bank Approval for Crypto Services

In a significant development for digital asset integration, preliminary US bank charter approval has been granted to fintech firm Revolut and reserve platform OpenReserve.

According to reporting from Cointelegraph, the Office of the Comptroller of the Currency issued preliminary conditional approvals allowing both entities to advance toward establishing national bank organizations in the United States. Both companies plan to incorporate comprehensive cryptocurrency custody, payments, and stablecoin-related financial services into their proposed banking charters.

The regulatory milestone represents a crucial bridge between traditional commercial banking and decentralized asset infrastructure. Obtaining a federal bank charter allows institutions to operate under a unified national regulatory framework rather than navigating a fragmented state-by-state money transmitter licensing regime.

For Revolut, the preliminary approval strengthens its ambition to expand regulated financial and digital asset products to millions of US customers. For OpenReserve, the charter serves as a key pillar for developing compliant reserve management and settlement mechanisms tailored to digital assets and asset-backed stablecoins.

Despite the progress, conditional preliminary approvals require both institutions to meet stringent capital adequacy, risk governance, and compliance benchmarks before receiving final operational authorization from federal regulators. Fulfilling these criteria often involves extensive operational audits and regulatory monitoring.

Industry participants will closely observe how both companies fulfill the final conditions outlined by the OCC as financial institutions accelerate their integration of digital asset capabilities.