OpenReserve Receives Preliminary Approval for Blockchain-Based National Bank
OpenReserve, a blockchain financial institution backed by prominent investors including Andreessen Horowitz and Coinbase Ventures, has received preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national bank.
The proposed Bank plans to build banking services around blockchain infrastructure, offering on-chain settlement, treasury management, digital asset services, foreign correspondent banking, stablecoins, and tokenized deposits through a full-service banking-as-a-service platform.
The OCC has confirmed that the proposed Bank will be able to hold digital assets on its balance sheet for transaction fees and provide custody services for digital assets in a non-fiduciary capacity.
However, the approval is conditional, and OpenReserve must meet regulatory requirements, including securing deposit insurance, before it can begin full banking operations.