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Revolut, Zerohash Pursue US National Banking Charters

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Revolut, Zerohash Pursue US National Banking Charters

The global fintech applied to become a federally regulated, FDIC-insured bank, while the crypto infra firm is looking to become a national bank trust.

Two crypto-adjacent firms just applied to be federally regulated banks in the United States.

Today, Revolut — a UK-headquartered, retail-focused global neobank that offers crypto trading — announced it has officially filed for a national bank charter in the U.S. as part of its strategic push to expand financial services in the United States.

Just yesterday, March 4, digital asset infrastructure company, zerohash, announced that it has applied for a national trust bank charter in the U.S.

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Both firms applied to the U.S. Office of the Comptroller of the Currency (OCC), and the charters would let them operate across all U.S. states. Revolut is also applying to the Federal Deposit Insurance Corporation (FDIC), as it seeks to be full-service, federally regulated bank in the U.S.

Revolut also announced today that it has appointed a new U.S. CEO, Cetin Duransoy.

Zerohash, which specializes in settlement services for digital assets and stablecoins, is seeking an OCC National Trust Bank license, which would restrict the firm to custody and trust services. The firm’s chief legal and compliance officer said in the release:

“Applying for a National Trust Bank Charter is a natural next step in offering robust global licensing coverage and continuing to expand our product offering.”

Zerohash’s press release also notes that the trust bank charter will let the firm “expand its services offerings under a federal framework, including those activities that fall under the GENIUS Act.”

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A Growing Trend

Though it’s generally known as a fintech and neobank, Revolut has rapidly expanded its offerings into digital assets, adding crypto trading as early as 2017.

The trend of crypto-native and crypto-friendly firms pursuing traditional banking licenses is driven by a dual need for regulatory compliance and the desire to expand service offerings within the traditional financial system.

Since last year, several major crypto firms — including Ripple, Paxos and Circle — applied for national bank and national trust bank charters in the U.S.

Last week, Crypto.com received conditional approval from the OCC to establish its national trust bank, as The Defiant reported.

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This article was generated with the assistance of AI workflows.

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Crypto World

ZeroHash applies for national trust bank charter to expand regulated stablecoin services

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ZeroHash applies for national trust bank charter to expand regulated stablecoin services

ZeroHash, which develops behind-the-scenes crypto infrastructure for businesses, said it applied for a National Trust Bank Charter from the U.S. Office of the Comptroller of the Currency (OCC), looking to operate under federal regulatory oversight.

If approved, the charter would give ZeroHash permission to issue stablecoins, custody digital assets and manage reserves under direct federal oversight. It would not be allowed to take customer deposits or engage in commercial lending.

That status could allow the Chicago-based company, which already holds licenses in 51 U.S. jurisdictions and operates internationally, to expand its stablecoin and digital asset services under a single federal framework, rather than navigating a patchwork of state-by-state rules.

ZeroHash is following a path forged by a number of other crypto companies. In the past month, several firms have received initial approval for national bank trust charters. These include Stripe’s stablecoin firm Bridge and cryptocurrency exchange Crypto.com. In December, Circle Internet (CRCL), Ripple, Paxos, Fidelity Digital Assets and BitGo all received similar approvals.

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Founded in 2017, ZeroHash’s platform enables companies to embed stablecoins and digital asset functionality into services like payments, trading and payroll.

Clients include financial heavyweights like Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.

In practical terms, a federal trust charter would let ZeroHash offer services that align with recent legislative developments, including provisions in the Genius Act, which clarifies the legal treatment of stablecoins in the U.S.

The OCC is now reviewing the application. No timeline for approval has been given.

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CleanSpark Sells Most February BTC Output, Generating $36.6M in Proceeds

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Bitcoin Price, United States, AI

US Bitcoin miner CleanSpark last month sold 553 Bitcoin from its February production for about $36.6 million, while producing 568 BTC during the month, according to the company’s latest operational update.

The company ended February with 13,363 BTC (BTC) in its treasury and continued expanding its infrastructure by completing the closing on a second Texas campus that adds 300 megawatts of ERCOT-approved power capacity.

The Electric Reliability Council of Texas, or ERCOT, operates the state’s electrical grid.

CleanSpark said its deployed fleet totaled 235,588 mining machines at the end of February, operating with 50 EH/s peak hashrate, a measure of mining computing power, and 43.2 EH/s average hashrate.

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Across its power portfolio, the company has 1.8 gigawatts of capacity under contract, with 808 megawatts currently in use.