Latin America’s largest digital bank has taken steps to be able to offer cryptocurrency custody in the US.
São Paulo-based Nu (NYSE: NU), which has 127 million customers, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for branches in the United States, the bank announced Thursday.
Nubank said that once fully approved, the OCC would allow it to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, loans and custody of digital assets. He also said he has already begun work to establish centers in Miami, the San Francisco Bay Area, Northern Virginia and the North Carolina Research Triangle.
The approval comes as US regulators signal a shift from enforcement-focused oversight to broader oversight of crypto banking, with the OCC publicly acknowledging that crypto “debunking” is a real concern and advocating for broader access for digital asset companies. It also highlights the fact that federally regulated institutions will soon be able to offer crypto services in conventional banking frameworks.
The next steps for Nubank, as it receives the final green light, involve meeting specific conditions from the OCC and obtaining pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months, as required by US regulators.
