ChainCatcher report: Crypto-friendly bank Revolut has submitted an application for a U.S. banking charter to the Office of the Comptroller of the Currency (OCC). If approved, the company will be able to operate in the U.S. similarly to a traditional bank and gain direct access to core payment networks such as Fedwire and the Automated Clearing House (ACH). The charter would also enable Revolut to offer additional banking services, including credit cards and personal loans. Currently, Revolut provides accounts and payment services in the U.S. through a partnership with Lead Bank but does not hold a banking license itself. Revolut is currently valued at approximately $75 billion, and the company states that the U.S. market is a key region for its global expansion. If successful, obtaining this charter would become one of its most significant regulatory milestones outside of Europe.
Revolut Applies for U.S. Bank Charter to Expand Digital Banking Services
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Summary
Revolut, a crypto-friendly bank, has applied for a U.S. bank charter with the OCC. This move could enable it to access Fedwire and ACH, and offer credit cards and loans. The company, valued at $75 billion, is expanding into the U.S. digital asset market. Altcoins to watch may benefit if approval is granted. Revolut currently partners with Lead Bank but does not hold its own charter. Approval would represent a major regulatory victory for the firm.
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