Revolut and OpenReserve receive preliminary US bank approval
Revolut crypto bank approval boosts US expansion with lower-cost digital asset services OpenReserve aims for blockchain banking approval; see what OCC's move could mean
Revolut and crypto banking startup OpenReserve have received preliminary conditional approval from the US Office of the Comptroller of the Currency to establish national banks.
According to the OCC decisions published on Wednesday, Revolut plans a bank in Connecticut, while OpenReserve is seeking approval for a Utahbased institution. Both companies intend to offer services tied to digital assets, including cryptocurrency custody and stablecoinrelated products.
Revolut said a US bank could help it provide services at lower cost and with greater efficiency than its current setup through FDICinsured partner banks. OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey, is building a blockchainbased bank that would combine traditional banking services with tokenized deposits and digital asset offerings. Neither bank can open until it meets preopening requirements and receives final approval from the OCC.