🚨 CRYPTO: CITADEL SECURITIES-BACKED CRYPTO EXCHANGE EDX MARKETS APPLIES FOR BANK CHARTER@markets_edx, the institutional crypto exchange backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab, and Virtu Financial, has applied for a national trust bank charter with the Office of the Comptroller of the Currency, per a filing made public today.The move joins a wave of crypto firms seeking bank charters under the Trump administration's more welcoming regulatory stance. EDX operates as a noncustodi ...

Core Insights - Revolut has received regulatory approval from the Prudential Regulation Authority (PRA) to operate as a bank in Great Britain, marking a significant milestone in its journey [2][3] - The company plans to gradually roll out current accounts for new customers, starting with a limited group before expanding [7] - Revolut aims to invest $13 billion in global expansion, creating 10,000 new jobs and launching in 30 new markets by 2030 [8] Company Developments - The approval process for Revolut's U.K. banking license took longer than expected due to scrutiny over its size and financial reporting [7] - The company has been in a "mobilization phase" since July 2024, which limited its deposits to £50,000 [2] - Existing customers will not see immediate changes, with migration to the new banking system expected to take a few months [7] Industry Context - The surge in charter applications in the FinTech sector indicates a structural change in how nonbanks seek permanence within the regulated financial system [9][10] - Revolut's application coincides with a notable increase in charter activity, with the OCC receiving 14 de novo charter applications in 2025, nearly matching the total from the previous four years [9]

Lawmakers warned that approving World Liberty Financial's bank charter application could jeopardize the legitimacy of the U.S. banking system. https://t.co/ti1SOba85b ...

House Dems Raise National Security Alarms Over Trump Family’s Crypto Bank Charter Requesthttps://t.co/IR3l90J9p6 ...

circle getting occ bank charter approval means they can custody crypto as a federal bank. coinbase gemini and kraken still operating on state money transmitter licenses. $74b usdc supply about to come with federal reserve access and direct lending capabilities. coinbase trades at $60b market cap running the exact same custody business without banking powers ...

Core Viewpoint - Revolut aims to obtain its own bank charter in the U.S. to gain direct access to regulators and enhance its operational capabilities [1][2]. Group 1: Reasons for Pursuing a Bank Charter - Direct engagement with regulators is essential for addressing issues and ensuring compliance, which builds consumer trust [2]. - Having a bank charter allows for faster innovation and reduces the complexity of compliance associated with partner banks [3]. - Maintaining deposits on the balance sheet is critical for the sustainability of lenders, especially during economic downturns [4]. Group 2: Investment and Expansion Plans - Revolut announced a planned investment of $500 million in the U.S. as part of a broader $13 billion global expansion strategy [4]. - The investment will focus on capitalizing the bank, marketing, product development, and job creation [4]. - The company currently employs a couple hundred people in the U.S. and has a total of 11,000 employees globally [5]. Group 3: Competitive Landscape - Other international neobanks, such as Brazil-based Nubank, are also seeking U.S. charters, indicating a competitive environment for fintech expansion in the U.S. market [5].

Core Insights - QED Investors and Oliver Wyman have released a report titled "Seizing the bank charter moment: Implications for fintechs and banks" which explores the current landscape and opportunities for fintechs and traditional banks [1] Group 1 - The report is based on expert insights, secondary research, proprietary analysis, and discussions with over a dozen C-suite executives from leading fintech companies [1] - It highlights the implications of bank charters for fintechs and traditional banks, suggesting a pivotal moment for both sectors [1]