Global Giant with Cryptocurrency Exchange is Preparing to Enter the US Market! Also Interested in the Turkish Market!

British fintech giant Revolut, which offers cryptocurrency trading, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a banking license, a significant step in its efforts to expand into the American financial system.

According to CoinDesk, London-based next-generation bank Revolut will be able to operate like a traditional bank in the U.S., the world’s largest economy. It will also have direct access to payment networks such as Fedwire and $ACH.

If this license is approved, Revolut will be able to operate in the U.S. like a traditional bank and will have direct access to the Federal Reserve’s (Fed) payment systems, including Fedwire and the Automated Clearing House ($ACH).

The company will also be able to offer credit products such as credit cards and personal loans. Revolut currently offers account and payment services in the US through its partner Lead Bank.

This move has been interpreted as part of Revolut’s goal to build a global digital bank, with the US as a key target. Furthermore, this application comes as part of Revolut’s attempt to obtain a banking license from scratch, after abandoning plans to acquire a US bank in January.

This development also comes after Kraken received “master account” approval from the Federal Reserve, giving it direct access to the FED’s core payment system.

The crypto-friendly bank, Revolut, which obtained a limited banking license in the UK in 2024, also has Turkey in its sights. According to news reports in January, Revolut was considering acquiring the FUPS (Fups) digital bank to accelerate its entry into the Turkish market.

*This is not investment advice.