Nubank Wins Conditional US National Bank Charter, Eyes US Expansion and Crypto Custody

Nubank (Nu), Latin America’s largest digital bank, received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a de novo national bank, Nubank N.A., enabling a U.S. market entry and potential expansion hubs in Miami, the San Francisco Bay Area, Northern Virginia and North Carolina’s Research Triangle. The approval is conditional: Nubank must satisfy OCC requirements on compliance, risk controls and governance, obtain remaining approvals from the FDIC and Federal Reserve, raise required start‑up capital within 12 months and begin operations within 18 months. Initial U.S. services are expected to include deposit accounts, credit cards, lending and digital asset custody. Leadership will include co‑founder Cristina Junqueira as head of Nubank N.A. and former Central Bank of Brazil president Roberto Campos as board chair. Nu Holdings CEO David Vélez framed the charter as validation of a digital‑first, customer‑centric banking model. For crypto traders, the key implications are increased potential demand for institutional crypto custody, greater fintech‑bank convergence in the U.S., and heightened regulatory scrutiny and capital milestones that could affect timing. While the charter strengthens Nubank’s credibility with U.S. regulators and investors and is bullish for future custody services, the conditional nature and remaining regulatory steps mean the timeline and scope remain uncertain.