Revolut seeks US federal bank charter for crypto services

The British fintech company Revolut plans to launch a federally chartered bank in the United States next year, aiming to offer customers a combination of traditional insured banking products and cryptocurrency services. The company’s U.S. chief executive, Cetin Duransoy, said the new bank will provide FDIC-insured checking and high-yield investment accounts alongside stablecoins, multi-currency deposits, and trading in stocks and cryptocurrencies.

Revolut filed an application for a national bank charter with the Office of the Comptroller of the Currency in March, shifting from an earlier strategy of acquiring an existing U.S. lender. The proposed bank will be headquartered in Stamford, Connecticut, with an additional office in New York, and will operate without physical branches while providing access to ATM networks.

Duransoy stated that the initial focus will be on retail and business customers with international banking needs, leveraging the app's capability to handle transactions in more than 30 currencies. He specifically mentioned targeting customers who require access to dollars, rupees, or Latin American currencies.

The move represents a significant step in Revolut's...