00:00 Speaker A
Investors are obviously putting money now back into crypto through traditional financial pro pro products. Meanwhile, crypto companies
00:07 Speaker A
are attempting to become the traditional financial system itself. And we have two of them in the next story right here. Revolute wins conditional US banking license.
00:19 Speaker A
And the second one, Andreison Horwitz backed Open Reserve secures preliminary OCC approval for National Bank chart charter. So none of them can offer banking services yet, but they’re both getting the preliminal approvals here.
00:32 Speaker A
But this is a really interesting and important story because these are proposed full service national banks. These are not the narrower national trust charters that I’ve reported on on the past that most of the crypto industry
00:46 Speaker A
has been getting. We’ve seen a number of those proposed, which in and of itself is huge news, but they can’t offer the full suite of banking services like customer accounts and yield and lending and all the fractional reserve banking that has become popular over the years.
01:03 Speaker A
So these are trying to basically become full service crypto banks. Revolute wants to offer deposits, credit, payments,
01:13 Speaker A
digital asset custody, that’s a big one. And of course, stable coin remittances directly to American customers.
01:19 Speaker A
This would reduce their dependence on their banking partners, Lead Bank and Cross River. Right now, when Revolute wants to do these things, they have to have a third-party banking relationship much like the crypto exchanges in the United States.
01:36 Speaker A
Now, Open Reserve, the other one from Andreison, also wants deposits, lending, tokenized deposits, payments, crypto custody and foreign correspondents banking, and they also plan a subsidiary subsidiary to issue a dollar back stable coin.
01:54 Speaker A
So these are banks that are not necessarily crypto native, but want to offer the full suite of crypto services and the full suite of banking services as we blur the lines between what is a crypto exchange or company or custodian,
02:07 Speaker A
and what is a traditional bank or a traditional financial institution.
02:14 Speaker A
It’s just really interesting to see how rapidly this is all happening. It really is much faster than I would have even anticipated when you see all the news about tokenized stocks and perpetuals and all we’re going to get into all of that.
02:29 Speaker A
It’s crazy. And this is all happening in real time as we are watching. Crypto basically spent 15 years here trying to eliminate banks, and its reward for succeeding
02:40 Speaker A
is permission to be a bank. But once these crypto companies become banks, the next step
02:45 Speaker A
is clearly turning every financial product into something that trades like crypto.