Latin America’s largest digital bank has taken steps to be able to offer crypto custody in the United States.
São Paulo-based Nu (NYSE: NU), which has 127 million customers, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to open a branch in the United States, the bank announced Thursday.
Nubank said that once fully approved, the OCC would allow it to operate within a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, loans and digital asset custody. He also said he has already begun work on establishing centers in Miami, the San Francisco Bay Area, Northern Virginia and the North Carolina Research Triangle.
The approval comes as U.S. regulators signal a shift from enforcement-focused to broader oversight of crypto banking, with the OCC publicly acknowledging that crypto “debanking” is a real concern and advocating broader access for digital asset companies. It also highlights the fact that federally regulated institutions could soon offer crypto services within traditional banking settings.
The next steps for Nubank, although it receives the final green light, involve fulfilling specific 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 institution within 12 months and opening the bank within 18 months, as required by US regulators.
