Latin America’s largest digital bank has taken steps to offer cryptocurrency custody services in the United States
Sao Paulo-based Nu (NYSE: NU), which has 127 million customers, announced Thursday that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to open a branch in the United States.
Once Nubank is fully approved, the OCC will allow it to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, loans and digital asset custody, Nubank said. The company also said it is already working on establishing centers in Miami, the San Francisco Bay Area, northern Virginia and the Research Triangle region of North Carolina.
The approval comes as U.S. regulators signal a shift from an enforcement priority to broader supervision of crypto banking, with the OCC publicly acknowledging the “de-banking” of cryptocurrencies as a real concern and defending broader access for digital asset companies. It also highlights the fact that federally regulated institutions may soon offer crypto services under the umbrella of mainstream banks
Once Nubank receives final approval, next steps include meeting certain OCC conditions 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 facility within 12 months and opening the bank within 18 months, as required by U.S. regulators.