OpenReserve Wins Conditional U.S. Bank Charter as Crypto Banking Push Accelerates
OpenReserve Bank is taking a major step toward becoming a regulated U.S. bank after receiving preliminary approval for a national bank charter from the Office of the Comptroller of the Currency (OCC).
The Salt Lake City-based company, backed by major crypto and venture investors including Andreessen Horowitz, Coinbase Ventures and Jump Capital, said it deliberately pursued a full national bank charter rather than a more limited trust-company structure.
OpenReserve said the planned bank is being designed as a full-service institution with blockchain-based settlement built directly into its operations. The company still requires final approval from the OCC before the charter becomes permanent.
“We chose the national bank path deliberately,” OpenReserve CEO and co-founder Dee Choubey said in the company’s announcement. He added that regulatory oversight, compliance and financial stability are intended to form the foundation of the bank rather than restrict its ambitions.
The company plans to focus on institutional clients, with services covering treasury management, stablecoin issuance and tokenized deposits. OpenReserve also said its operations are being developed with the regulatory framework established under the GENIUS Act in mind.
Andreessen Horowitz’s crypto division, one of the company’s backers, described the project as an effort to create a bank capable of operating around the clock.
The investment group said institutions increasingly need banking infrastructure that remains available continuously rather than being limited by traditional banking hours.
OpenReserve submitted its charter application to the OCC in April. Alongside a16z, its backers include Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures.
The OCC had not immediately confirmed the approval when OpenReserve made its announcement.
The development comes as crypto companies increasingly seek direct access to regulated banking infrastructure in the U.S. The sector has faced years of friction with traditional banks, but the regulatory environment has become more receptive to digital-asset businesses under the Trump administration.
OCC chief Jonathan Gould has supported greater integration of digital assets into the regulated banking system, helping fuel a wave of applications from crypto-focused financial companies.
OpenReserve is not the only firm moving forward. On the same day, the OCC also granted a conditional banking charter to Revolut, the British fintech company, which plans to establish operations in Connecticut.
The growing number of charter approvals signals a changing relationship between the U.S. banking system and the crypto industry. For OpenReserve, the next milestone will be securing the OCC’s final approval and turning its proposed blockchain-native banking model into a fully operational national bank.