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Nubank, the largest digital bank in South America and a supporter of cryptocurrency trading, has started U.S. banking operations through a partnership with Lead Bank, Crypto Briefing reported.
Nubank had previously received conditional approval from the Office of the Comptroller of the Currency in January to establish a U.S. branch. Rather than waiting for its own charter, the company is seen as shortening what could have been a yearslong regulatory wait by using an existing bank’s infrastructure.
Nubank plans to offer U.S. consumers high-yield deposits, fee-free transfers and cryptocurrency trading services. The partnership with Lead Bank is temporary, and Nubank is expected to operate under its own charter in 2027. Until then, the arrangement with Lead Bank will include shared compliance obligations and a revenue-sharing structure.