Latin America’s largest digital bank has taken steps towards being able to offer crypto custody in the US
São Paulo-based Nu (NYSE: NU), which has 127 million customers, has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to branch in the US, the bank announced Thursday.
Nubank said that once fully approved, the OCC will allow it to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, lending and custody of digital assets. It also said it has already begun work on establishing hubs 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-first oversight to broader oversight of cryptobanks, with the OCC publicly acknowledging that crypto “debanking” is a real concern and advocating wider access for digital asset firms. It also highlights the fact that federally regulated institutions may soon offer crypto services under regular banking frameworks
The next steps for Nubank as it receives the final green light involve meeting specific OCC conditions and obtaining pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. In this phase, the company will focus on fully capitalizing the institute within 12 months and opening the bank within 18 months, as required by US regulators.
