A16z-Backed OpenReserve Gets Approval for Full-Service National Bank

In brief

• The OCC granted OpenReserve Bank preliminary conditional approval on September 2 to charter a national bank in Salt Lake City, Utah, just under five months after the company filed its application.
• OpenReserve must raise at least $210 million in initial paid-in capital and hold a 12% Tier 1 leverage ratio for three years before it can open.
• OpenReserve plans a separate subsidiary to issue and custody dollar-backed stablecoins, though that application hasn't been filed with the OCC yet.

OpenReserve Bank, backed by Andreessen Horowitz among other VC heavyweights, received preliminary conditional approval from the Office of the Comptroller of the Currency on September 2 to charter a full-service national bank in Salt Lake City, Utah.

The decision letter closes out a review of just under five months, since OpenReserve filed its application on April 13.

OpenReserve Bank is a blockchain-native fintech startup backed by a $25 million seed round led by a16z crypto, with Coinbase Ventures, Jump Capital, and Wintermute Ventures among the other investors. It's essentially pitching itself as an "always-on" bank—continuous, blockchain-based settlement instead of the batch-processing rails (ACH, wire transfers) that traditional banks run on.