OpenReserve Receives Conditional Approval for Full-Service National Bank Charter
Blockchain-native fintech startup OpenReserve has received conditional approval from the Office of the Comptroller of the Currency (OCC) to charter a full-service national bank in Salt Lake City, Utah. The decision follows nearly five months of review since its application was submitted on April 13. Backed by Andreessen Horowitz and other major venture capital firms with a $25 million seed round, OpenReserve aims to operate as an 'always-on' blockchain-based financial institution offering continuous settlement services beyond traditional batch-processing systems. The approval comes with strict conditions: the company must raise at least $210 million in initial paid-in capital within 12 months and maintain a Tier 1 leverage ratio of at least 12% for its first three years. Failure to meet these milestones will result in expiration of the preliminary conditional approval by September 2027 or March 2028, respectively. OpenReserve plans to offer tokenized deposits, treasury management services, and a banking-as-a-service platform for institutional clients. It also intends to launch stablecoin operations through a subsidiary that must comply with federal regulations like the GENIUS Act.
Topics: blockchain crypto banking fintech national bank approval