Revolut wins conditional OCC approval – What it means for EURR and crypto

In a recent turn of events, the Office of the Comptroller of the Currency (OCC) has given Revolut a preliminary green light to establish a national bank. This in turn would allow the firm to build and operate its own banking infrastructure under U.S. federal banking supervision.

However, the approval is not yet the final authorization to start banking operations. Going forward, Revolut still has to satisfy the OCC’s conditions and obtain approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

Still celebrating this milestone, Revolut Founder and CEO Nik Storonsky said,

Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.

Needless to say, this is good news for the crypto industry because Revolut has also launched its euro-backed stablecoin, EURR. And now, with OCC’s green light, more crypto initiatives might come in. Though EURR has drawn mixed reactions, this is just the start. 

Why not all approvals are good news?

That said, Revolut is not the only one riding this boat. As over the past year, the OCC has conditionally approved national trust bank charters for major crypto companies, including Coinbase, Paxos, BitGo, Ripple, and Circle.