Nubank Pursues U.S. Bank Charter for Crypto Services

Nubank has applied for a U.S. national banking license with the Office of the Comptroller of the Currency (OCC), aiming to operate digital asset custody services stateside.

If granted, Nubank’s approval will allow expanded U.S. services, including deposits and crypto asset custody, potentially impacting Bitcoin and Ethereum ecosystems.

Nubank’s U.S. Charter Bid and Crypto Strategy

If approved, this move would enable Nubank to offer various banking products like deposit accounts, loans, and custody services for digital assets, potentially increasing on-chain activity for Bitcoin, Ethereum, and Solana. Nubank intends to leverage its experience across Latin American markets.

Key figures, such as Cristina Junqueira, assert their intent to work closely with regulators to ensure a smooth entry into the U.S. market. Public attention is on potential regulatory hurdles as experienced by similar initiatives like Revolut, which faced delays in the United States.

“Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion. At the same time, applying for a U.S. national charter helps us better serve our existing customers based in the country and, in the future, connect with those who share similar financial needs and could benefit from our products and services.” — David Vélez, Founder & CEO, Nu Holdings (Nubank)

Crypto Market Dynamics and Regulatory Landscape

Did you know? Nubank’s move to obtain a U.S. charter could resemble Revolut’s challenges, emphasizing the complexities of expanding digital banking and crypto services in regulated areas.

Bitcoin, with a current price of $120,481.67, holds a market cap of $2.40 trillion, illustrating its prominent 58.05% market dominance. In the last 24 hours, Bitcoin’s volume reached $68.87 billion, reflecting a 2.68% price increase. Data sourced from CoinMarketCap presents Bitcoin’s substantial influence on global cryptocurrency trends.

Experts from the Coincu research team observe that Nubank’s potential U.S. expansion aligns with trends toward increased regulatory scrutiny. Historical examples indicate that successful navigation of these challenges can lead to greater consumer access to crypto services while possibly affecting liquidity in the concerned asset networks.