Revolut, Zerohash Pursue US National Banking Charters

Key Takeaways

• Revolut seeks US national bank charter, FDIC insurance
• Zerohash applies for OCC national trust bank charter
• Both aim for nationwide operation across all states
• New US CEO Cetin Duransoy leads Revolut expansion
• Crypto firms increasingly seek traditional banking licenses

Summary

Revolut, the UK‑based neobank, has filed for a U.S. national bank charter and FDIC insurance as part of a strategic expansion, appointing Cetin Duransoy as its new U.S. CEO. Crypto‑infrastructure firm Zerohash has applied for an OCC national trust bank charter to broaden its custody and stablecoin settlement services. Both applications target the Office of the Comptroller of the Currency, which would allow nationwide operations across all states. Their moves follow a growing trend of crypto‑adjacent companies seeking traditional banking licenses.

Pulse Analysis

The U.S. Office of the Comptroller of the Currency has become the gateway for fintechs and crypto‑adjacent firms seeking full‑banking privileges. A national bank charter grants a firm the ability to accept deposits, lend, and offer a full suite of payment services under a single federal regulator, while a national trust bank charter focuses on custody and fiduciary activities. Coupled with FDIC insurance, these licenses provide a safety net that reassures both retail customers and institutional partners, effectively bridging the regulatory divide between digital‑asset platforms and traditional banks.

Revolut’s application marks its most aggressive push into the American market. By securing a national bank charter, the UK‑based neobank can embed its crypto trading desk within a regulated deposit‑taking institution, potentially offering seamless fiat‑to‑crypto conversions and higher‑margin lending products. The appointment of Cetin Duransoy as U.S. CEO underscores a dedicated leadership team focused on navigating the complex compliance landscape. Zerohash, meanwhile, targets a national trust bank charter to cement its role as a stablecoin settlement provider, expanding its custody services under the forthcoming GENIUS Act framework.

The filings signal a broader industry shift where crypto‑friendly firms prioritize regulatory legitimacy over pure‑play disruption. As Ripple, Paxos, Circle and Crypto.com already hold or pursue similar charters, the competitive field is rapidly converging on a hybrid model that blends blockchain efficiency with banking oversight. Investors are likely to view these moves as risk mitigation, potentially unlocking new capital streams and partnership opportunities with legacy banks. In the long run, the proliferation of federally chartered crypto banks could accelerate mainstream adoption of digital assets while reshaping the U.S. financial services ecosystem.