Nu has won conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to begin the process of establishing a national bank, Nubank N.A. The firm — which serves over 127 million customers across Brazil, Colombia and Mexico — must now comply with OCC requirements as it organizes and capitalizes the new bank.
Nu’s Conditional Approval for U.S. Digital Bank
The OCC’s conditional authorization marks the first formal regulatory step for Nubank N.A. in the United States and starts a structured process of meeting the regulator’s conditions. As part of these steps, Nu has said it will work on capitalization and other requirements that should be completed as it moves toward a launch within the next 18 months.
Nu’s Latam Dominance and U.S. Ambitions
Nu enters the U.S. market from a position of scale in Latin America: the company serves more than 127 million customers and is already the largest private financial institution in Brazil, with over 61% of the country’s adult population — 112 million — as customers. That footprint underpins Nu’s claim that a digital-first approach to banking can compete with established players in new markets.
As Nu puts together its U.S. operations, it continues to navigate regional regulatory and market issues that have accompanied its growth, including strategic moves such as acquiring traditional licenses and partners; see more on the firm’s related plans to buy a traditional bank in Brazil. At the same time, broader Latin American fintech activity, like rising stablecoin flows, forms part of the ecosystem Nu operates in and informs competitive dynamics in digital finance (stablecoin flows in LatAm).
Leadership Team for U.S. Expansion
- David Velez — Nu Holdings founder and CEO, leading the strategic vision for expansion into the U.S.
- Cristina Junqueira — Nu’s co-founder, who will manage the new U.S. banking business and daily operations there.
- Roberto Campos Neto — the former Central Bank of Brazil President, appointed as Chairman of the board of directors for the new bank.
Why this matters
For most miners in Russia, this announcement will not change day-to-day mining operations, but it signals that a major Latam digital bank is pushing into a large, highly regulated market. That continued push by big fintech firms highlights how digital-first banking models are being tested across jurisdictions, which can influence payment rails, fintech partnerships and customer expectations globally.
At the same time, Nu’s move underlines the importance of regulatory steps — capitalization, approvals and local leadership — in bringing a digital bank to market. Even if there is no immediate impact on mining activity, keeping an eye on how international fintech players expand can help anticipate changes in cross-border payment options and service availability that miners use to manage proceeds.
What to do?
If you run one to a thousand mining devices in Russia, there are simple, practical steps to stay prepared without overreacting. First, monitor official company updates and regulatory notices related to Nubank N.A. to understand concrete product and partnership rollouts as they are announced. Second, review the payment and custody options you currently use so you can adapt if new digital-banking services become available or relevant in the future.
- Subscribe to Nu’s announcements and reputable fintech news to catch confirmed changes in services or partnerships.
- Keep records of your fiat conversion and payout channels; evaluate alternatives if new digital banking rails appear.
- Stay conservative with operational changes until Nu’s U.S. launch details (capitalization and specific services) are publicly confirmed.
