OpenReserve Secures Preliminary OCC Approval for National Bank Charter

OpenReserve, a blockchain-focused financial startup backed by Andreessen Horowitz, has received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a full-service national bank. Under the terms outlined by regulators, the company must raise at least $210 million in initial paid-in capital and maintain a strong capital buffer during its first three years of operation.

Founded in 2025, OpenReserve is designed around a programmable core banking system with native onchain settlement capabilities. Its planned services include traditional deposits and lending, payments, treasury management, tokenized deposit products and digital asset custody.

Strong Investor Backing From Crypto Venture Capital

OpenReserve previously raised a seed funding round led by a prominent crypto-focused venture capital firm, with participation from several other well-known investors in the digital asset space. Backers have expressed strong support for expanding banking options through technologically advanced institutions like OpenReserve.

Before beginning operations, the company must still meet additional regulatory requirements, obtain deposit insurance and secure further approvals from federal banking authorities.

Part of a Broader Wave of Crypto Banking Approvals

This approval continues a recent trend of regulators granting conditional charters to crypto focused financial institutions, with several companies in the space receiving similar approvals in recent months. While regulators have expressed support for bringing innovative financial technology firms into the traditional banking system, the approach has drawn criticism from some lawmakers concerned about the scope of activities being permitted under these new charters.