FDIC Approves Augustus National Bank's Deposit Insurance Application
Augustus announced on May 11, 2026, that it received conditional approval from the Office of the Comptroller of the Currency to establish Augustus Bank, N.A. as a full-service U.S. national bank. The company, formerly known as Ivy, plans to build a clearing bank for global financial institutions needing instant, programmable clearing of Western currencies. Augustus subsidiaries are already regulated in Europe and live with Euro clearing today.
Co-founder Ferdinand Dabitz, a Thiel Fellow, will serve as CEO of Augustus Bank at age 25. Greg Quarles, former CEO of Green Dot Bank, United Texas Bank, and H&R Block Bank, will serve as president. Joe Schenone, who previously held roles at JPMorgan Chase and MUFG, will serve as CFO.
Augustus already counts the digital asset exchange Kraken among its clients.
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