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a16z-Backed OpenReserve Wins Approval for Blockchain-Powered Bank

Guavy AI Editorial Team
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A16Z-backed OpenReserve has secured preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a full-service national bank in Salt Lake City, Utah.

The fintech startup aims to operate continuously for 24 hours a day, utilizing blockchain rails to settle transfers and issue reserve-backed stablecoins.

Unlike other issuers like Circle or Paxos, OpenReserve pursued the traditional federal banking charter, enabling it to accept insured deposits and extend commercial credit.

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