A16z-Backed OpenReserve Clears Hurdle for Full-Service National Bank Charter

OpenReserve Bank, backed by Andreessen Horowitz and other venture capital firms, received preliminary conditional approval from the Office of the Comptroller of the Currency to charter a full-service national bank in Salt Lake City, Utah. This decision comes after a review period of just under five months, since OpenReserve filed its application on April 13.

The approval has specific requirements attached, including raising at least $210 million in initial paid-in capital and maintaining a Tier 1 leverage ratio of at least 12% through the first three years of operation. If OpenReserve fails to meet either deadline - 12 months to raise the capital or 18 months to open - the approval will expire.

This is significant because OpenReserve chose the more difficult path of a full national bank charter, as opposed to the national trust charter most 'crypto banks' have opted for. This allows OpenReserve to take deposits and engage in lending once it clears final approval.