U.S. Banking Agency Gives Blockchain Bank OpenReserve Initial OK to Operate
The startup said it will use the charter to offer treasury management, stablecoin issuance and tokenized deposits for institutional customers.
- On Thursday, Salt Lake City-based OpenReserve secured preliminary approval from the OCC for a national bank charter, designed to provide full-service banking with embedded onchain settlement.
- Dee Choubey, co-founder and CEO of OpenReserve, stated the firm "chose the national bank path deliberately," emphasizing that supervision, safety, and compliance form the foundation of its business model.
- The company is "built to serve institutional customers across treasury management, stablecoin issuance, and tokenized deposits," complying with the Guiding and Establishing National Innovation for U.S. Stablecoins Act.
- President Donald Trump's administration, including OCC chief Jonathan Gould, has prioritized welcoming digital asset businesses into regulated banking, evidenced by Thursday's conditional charter for British fintech Revolut.
- Backed by Acrew, Wintermute Ventures, and Clocktower, OpenReserve joins a growing wave of crypto-native banking entities following its April application submission to banking supervisors.
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Andreessen Horowitz-Backed OpenReserve Gets Preliminary OCC Approval to Form National Bank
OpenReserve has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to form a full-service national bank, moving the Andreessen Horowitz-backed company into the preopening stage of the federal charter process. The approval requires the proposed bank to secure at least $210 million in initial paid-in capital after organizational and preopening costs, according to an OCC letter issued Wednesday.Visit …
Former executives from MoneyLion are building a federally licensed bank that’s always open, powered by blockchain technology and backed by Andreessen Horowitz’s main crypto fund in a16z.
U.S. banking agency gives blockchain bank OpenReserve initial OK to operate
OpenReserve Gets OCC Approval to Launch a Full Service National Banking Charter - Crypto Economy ESP
OpenReserve received preliminary conditional approval from the Office of the Currency Controller (OCC) to become a national bank in the United States, a crucial achievement that positions the company as one of the first institutions designed to integrate native onchain settlement into the regulated federal banking system. The approval does not enable the start of operations immediately: ... Read more
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