Nubank has received conditional approval from the US OCC to establish a national bank, allowing the fintech to offer deposits, lending, credit cards, and digital asset custody in the US. The bank will be led by co-founder Cristina Junqueira, aiming to open within 18 months, subject to regulatory approval.

Nubank operates in Brazil, Mexico, and Colombia with over 127 million customers. It entered the crypto market in 2022, partnering with Paxos to allow customers to buy, sell, and hold cryptocurrencies. In March, Nubank expanded its crypto offerings in Brazil by adding ADA, NEAR, ATOM, and ALGO to its trading options.

Nubank’s move for a US banking charter reflects a trend among fintech and crypto companies seeking regulated banking licenses. Circle and Ripple Labs received conditional approval in December to establish US national trust banks. Revolut also announced plans to apply for a US banking license, valued at $75 billion in November.

Read more at Cointelegraph: Nubank Wins Conditional Approval for US National Bank Charter