Revoult, ZeroHash Apply for U.S. Banking Charters

ZeroHash – a leading crypto and stablecoin infrastructure provider – and Revoult – a UK-based global neobank that offers crypto trading – have both applied with the Office of the Comptroller of the Currency (OCC) for U.S. banking charters.

What's the Scoop?

• ZeroHash Applies: Yesterday, ZeroHash announced it has applied with the OCC for a National Trust Bank Charter, which will allow it to offer nationwide asset custody without needing to secure individual licenses at the state level. Zerohash’s press release notes that the charter will help the firm "expand its services offerings under a federal framework, including those activities that fall under the GENIUS Act."
• Revoult Follows: Today, Revolut announced its application for a full U.S. National Bank Charter, which allows licensees to engage in fractional reserve banking, provides direct access to the Federal Reserve system, and offers depositors FDIC insurance. Revoult also appointed long-time fintech executive Cetin Duransoy as its U.S. CEO.

What's the Take:

As crypto moves into its regulated institutional era, firms have begun frantically filing for OCC banking charters.

Until December, Anchorage Digital had been the lone OCC-approved digital asset bank. But after the regulator batch approved six new crypto-adjacent trust banking licenses, both crypto-native companies and traditional financial institutions have rushed to join the queue.

Stripe's Bridge applied for a crypto-focused trust banking licenses last month, Morgan Stanley's digital asset subsidiary applied for its own trust banking charter last week, and crypto exchange Kraken secured a full U.S. banking license just yesterday.