Short Description: Brazil’s Nubank nears US expansion, securing conditional OCC approval to form a national bank and offer crypto services alongside traditional banking.
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Main Article:
Brazilian fintech giant Nubank has achieved a pivotal milestone in its U.S. expansion strategy, securing conditional approval from the Office of the Comptroller of the Currency (OCC) to form a national bank. This approval, a significant move for a fintech company, paves the way for Nubank to offer core banking services like deposits, lending, and credit cards in the United States, with a notable inclusion: digital asset custody. Led by co-founder Cristina Junqueira and former Central Bank of Brazil president Roberto Campos Neto, the bank aims to be fully operational within 18 months, pending final nods from the FDIC and Federal Reserve.
Nubank’s push into the U.S. banking license arena is deeply intertwined with its growing focus on cryptocurrencies. The company, backed by Warren Buffett’s Berkshire Hathaway and serving over 127 million customers in Latin America, began its crypto foray in 2022 by allocating 1% of its net assets to Bitcoin. It has since expanded its trading offerings to 20 tokens, including Cardano (ADA) and Solana (SOL), and is testing dollar-pegged stablecoin payments linked to credit cards. This U.S. charter would formally bridge its digital asset innovations with regulated banking, offering American customers a unified platform for both fiat and crypto finance.
This development reflects a broader trend where leading crypto companies and fintechs are actively seeking regulated U.S. banking charters to legitimize and scale their operations. Just months before Nubank’s approval, the OCC granted similar conditional approvals to Circle and Ripple Labs to establish national trust banks. Other major players like Revolut have also announced plans to apply for U.S. banking licenses. This wave signals a maturation of the digital finance sector, as companies move to operate within the established regulatory framework, promising customers enhanced security, broader services, and a blend of traditional and next-generation financial products.
Short Summary:
Nubank’s conditional OCC approval marks a major step for fintech and crypto integration into mainstream U.S. finance. By pursuing a national banking license, Nubank aims to offer Americans combined traditional banking and digital asset services, joining a trend with companies like Circle and Ripple. This move highlights the growing convergence of regulated banking and cryptocurrency innovation.
