The U.S. Office of the Comptroller of the Currency has granted OpenReserve Bank a provisional national banking charter, adding the blockchain-focused institution to the growing group of crypto-native firms entering the regulated banking sector.
OpenReserve, backed by major crypto and venture investors including Andreessen Horowitz, Jump Capital and Coinbase Ventures, said Thursday that the OCC had approved its charter application.
While the OCC has recently given preliminary approval to a number of new banking charters, many of those institutions have been structured as trust companies. OpenReserve said it deliberately pursued a full-service national bank charter, with its business model centered on traditional banking services combined with onchain settlement capabilities.
“We chose the national bank path deliberately,” OpenReserve co-founder and CEO Dee Choubey said in a statement. He added that regulatory oversight, financial stability, compliance and customer trust were intended to serve as the foundation of the company’s strategy rather than limiting its ambitions.
The Salt Lake City, Utah-based company still needs final OCC approval before receiving a permanent charter. OpenReserve said its platform is designed for institutional clients and will focus on treasury management, stablecoin issuance and tokenized deposits.
The company also said its operations are being developed with the incoming requirements of the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, in mind.
OpenReserve Targets Always-On Banking
Andreessen Horowitz’s crypto division, a16z crypto, highlighted OpenReserve’s continuous-access model when explaining its investment. The firm said it wanted to support a bank capable of operating around the clock rather than following the traditional banking model of limited operating hours.
OpenReserve said it has also received backing from Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures. The company submitted its banking application to the OCC in April.
The OCC had not immediately responded to a request for confirmation of the provisional charter.
OpenReserve’s approval comes as the U.S. crypto industry sees a growing number of companies pursue banking licenses after years of strained relationships between digital-asset firms and traditional financial institutions.
The administration of President Donald Trump, along with OCC chief Jonathan Gould, has taken a more supportive approach toward bringing digital-asset companies into the regulated banking system.
On the same day, the OCC also granted a conditional banking charter to British fintech company Revolut, which plans to operate its U.S. banking business from Connecticut.
