Latin American fintech Nubank has secured conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national bank. This milestone allows the company to expand regulated banking services—including deposits, lending, credit cards, and digital asset custody—within the United States.
Bank Organization Phase and Leadership
With conditional approval, Nubank enters the bank organization phase, during which it must satisfy capitalization and supervisory requirements and obtain further approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) before officially launching. The new US bank will be led by co-founder Cristina Junqueira, with former Central Bank of Brazil president Roberto Campos Neto appointed as board chair. Nubank aims to fully capitalize and open the bank within 18 months, pending regulatory clearance.
Digital Asset Expansion
Nubank has steadily integrated digital assets into its offerings. The company entered the crypto market in 2022 through a partnership with Paxos, enabling customers to buy, sell, and hold cryptocurrencies in-app. Nubank also allocates roughly 1% of its net assets to Bitcoin and supports 20 tokens, including Cardano, Near Protocol, Cosmos, and Algorand. The fintech is testing stablecoin payments linked to credit cards as part of its strategy to combine crypto with traditional banking.
Nubank’s US banking push reflects a growing trend among fintechs and crypto firms seeking regulated charters. In recent months, Circle, Ripple Labs, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company have all received conditional OCC approvals, signaling an expanding integration of digital assets into regulated US banking.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.