Nubank, South America's largest digital bank that supports cryptocurrency transactions, has commenced U.S. banking operations on the 10th (local time) through a partnership with Lead Bank, CryptoBriefing reported. Nubank had previously received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) in January for establishing branches within the U.S. It is interpreted that by utilizing the infrastructure of an existing bank instead of waiting for its own license, Nubank has shortened several years of regulatory waiting periods. Nubank plans to offer high-interest deposits, fee-free remittances, and cryptocurrency trading services to U.S. consumers. The partnership between Nubank and Lead Bank is temporary, and Nubank is expected to operate under its own license by 2027. Until then, a joint compliance obligation and revenue-sharing structure will apply under the agreement with Lead Bank.
