Federal banking regulators have cleared the first hurdle for two financial technology companies seeking to operate full-service national banks with digital asset capabilities, marking a significant step in the convergence of traditional banking and blockchain technology.

The Office of the Comptroller of the Currency issued conditional preliminary approvals this week for OpenReserve, a Salt Lake City-based startup backed by Andreessen Horowitz, and Revolut, the London-headquartered fintech giant planning a branchless operation in Stamford, Connecticut. Neither company can accept deposits or begin banking operations until they complete a series of regulatory requirements and obtain final authorization.

The decisions, announced September 2…