Brazil’s Nubank Wins OCC Conditional Approval for U.S. Nationwide Financial institution – Crypto Custody Quickly?

The U.S. Workplace of the Comptroller of the Foreign money (OCC) has conditionally authorized Nubank to determine a nationwide financial institution, which presumably preconditions the institution of regulated crypto custody companies within the nation.

The grant, which got here 121 days after the corporate filed its utility on Sept. 30, 2025, permits the corporate to enter the financial institution group section.

Nubank fulfilled the capitalization, governance, and supervisory circumstances offered by the OCC on this interval and likewise obtained unbiased authorizations as an unbiased operational entity with the Federal Deposit Insurance coverage Company (FDIC) and the Federal Reserve.

The regulators have offered the corporate with a time restrict of 12 months to fully capitalize the establishment and 18 months to launch the financial institution.

Nubank’s U.S. Growth Targets Full Banking and Crypto Providers

Upon full approval, the constitution would enable Nubank to be a federally regulated nationwide financial institution working underneath the identify Nubank, N.A., offering deposit accounts, bank card merchandise, lending merchandise, and custody of digital belongings on to prospects in the US.

It’s also price noting that it’s potential to supply crypto custody on a federal banking platform, with most crypto choices within the U.S. persevering with to be based mostly on the prevailing hodgepodge of state licenses or collaborations with present banks.

In distinction to belief charters, which generally restrict corporations from accumulating deposits or making loans, the Nubank nationwide financial institution constitution would enable it to supply an entire vary of shopper banking merchandise on high of digital asset custody.

That might make the fintech one of many first main, consumer-oriented digital banks to supply conventional banking and crypto companies on the identical federal license.

The approval was characterised as an extension of the general technique of the founder and CEO of Nubank, David Vélez, to point out {that a} digital-first banking mannequin can develop globally even in a regulated setting.

The U.S. entity shall be led by Nubank co-founder Cristina Junqueira, who has relocated to the US, with former Central Financial institution of Brazil president Roberto Campos Neto serving as board chairman.

The corporate was established in 2013 and is predicated in São Paulo. It has advanced to be one of many largest digital monetary companies suppliers on the earth, with a buyer base of over 127 million prospects in Brazil, Mexico, and Colombia.

It’s the largest privately held monetary group in Brazil by way of the variety of prospects, because it has been listed publicly on the New York Inventory Change since 2021 with the ticker NU.

The agency has reported record-holding-level income of $4.2 billion within the third quarter of 2025, up 39% 12 months over 12 months.

As Regulators Transfer In, Nubank Strikes Deeper Into Crypto

Nubank has been progressively diversifying into digital properties lately.

As of 2022, it collaborated with Paxos to permit prospects to buy, promote, and retailer cryptocurrencies inside its utility and introduced plans to check dollar-pegged stablecoin funds linked to bank cards.

Since that point, its crypto product has expanded into dozens of tokens, on-chain transfers to exterior wallets, on-app swapping, and yield help on stablecoins.

By August 2025, the corporate stated it had over 6.6 million crypto customers, nearly all of whom are millennials or Gen Z, and that crypto exercise was now a vital a part of engagement in its ecosystem.

The OCC license comes as half of a bigger development in Washington to take growing quantities of digital asset exercise underneath the federal banking perimeter.

In December, the regulator granted conditional approval to a number of crypto-native corporations, together with Circle, Ripple, BitGo, Constancy Digital Property, and Paxos, to function as nationwide belief banks centered on custody and fiduciary companies.

Extra purposes have adopted in early 2026, together with from Nomura-backed Laser Digital and Trump-linked World Liberty Monetary. Revolut has additionally signaled plans to pursue a U.S. banking license after abandoning an acquisition technique.

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