A16z-Backed OpenReserve Gets Approval for Full-Service National Bank
OpenReserve Bank, a blockchain-native fintech backed by a16z crypto and other investors, received preliminary conditional OCC approval to charter a full-service national bank in Salt Lake City. The application review took just under five months. Unlike most crypto firms that have sought national trust charters, OpenReserve pursued a full national bank charter so it can eventually take deposits and make loans. Its model focuses on always-on, blockchain-based settlement, tokenized deposits, treasury management, foreign correspondent banking, and banking-as-a-service for institutions. It also plans a separate subsidiary for reserve-backed dollar stablecoins, subject to U.S. stablecoin rules. The approval requires OpenReserve to raise at least $210 million in capital within 12 months and open within 18 months, while maintaining a Tier 1 leverage ratio of at least 12% for three years. The OCC also granted preliminary approval to Revolut the same week.
