OpenReserve Bank has secured a provisional national banking charter from the U.S. Office of the Comptroller of the Currency, moving the blockchain-focused institution closer to operating as a regulated U.S. bank.
The Salt Lake City-based company, which counts Andreessen Horowitz, Jump Capital and Coinbase Ventures among its backers, announced Thursday that the OCC had given preliminary approval to its banking application.
Unlike many crypto-related firms that have recently received preliminary OCC approvals as trust companies, OpenReserve deliberately pursued a full-service national bank charter. The company plans to combine conventional banking services with blockchain-based settlement infrastructure.
OpenReserve co-founder and CEO Dee Choubey said the decision to seek a national charter was deliberate, emphasizing that supervision, financial stability, compliance and customer trust are central to the company’s model.
The approval remains conditional, and OpenReserve must receive final authorization from the OCC before its charter becomes permanent.
The company said it intends to serve institutional clients through treasury management, stablecoin issuance and tokenized deposits. It is also developing its business with the requirements of the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, in mind.
OpenReserve Eyes 24/7 Banking
A16z crypto said OpenReserve’s vision of an always-available bank was among the reasons it backed the company. The venture arm described the project as a continuous banking platform designed to remain accessible beyond the traditional operating hours of conventional financial institutions.
OpenReserve said its other investors include Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures. The company submitted its OCC application in April.
The OCC had not immediately responded to a request for confirmation of the provisional approval.
OpenReserve’s move into regulated banking comes as more crypto-native companies seek formal banking status after years of difficult relationships between digital-asset businesses and traditional financial institutions.
The Trump administration has taken a more crypto-friendly approach to financial regulation, while OCC Comptroller Jonathan Gould has supported bringing digital-asset companies into the regulated banking sector.
The OCC also granted a conditional banking charter to British fintech firm Revolut on Thursday. Revolut plans to operate its U.S. banking business from Connecticut.
The approvals underscore the growing effort by crypto-focused companies to combine blockchain infrastructure with regulated banking services, potentially creating a new generation of financial institutions built around digital assets.
