OpenReserve Gets Preliminary Approval for Full-Service National Bank

RegulationDigital Finance
โดย Yahoo Finance·US·Read original
Summary · why it matters

OpenReserve Bank, backed by Andreessen Horowitz and other venture capital firms, has 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. The approval, granted on September 2, follows a review of just under five months since the application was filed on April 13. OpenReserve, a blockchain-native fintech startup, raised a $25 million seed round led by a16z crypto, with Coinbase Ventures, Jump Capital, and Wintermute Ventures among other investors. The bank must raise at least $210 million in initial paid-in capital and maintain a Tier 1 leverage ratio of at least 12% through its first three years of operation, with deadlines of 12 months to raise capital and 18 months to open. Co-founder Diwakar Choubey said the full-service charter path was deliberate, distinguishing OpenReserve from peers like Coinbase and Circle that hold national trust charters, which do not permit deposit-taking or lending. OpenReserve plans to offer tokenized deposits, treasury management, and banking-as-a-service, and intends to launch a separate subsidiary for stablecoin issuance, subject to the GENIUS Act. The OCC also granted preliminary approval to British fintech Revolut for a national bank in Connecticut, part of a broader push to bring novel technology firms into the federal banking system.

Impact on stocks 2

Digital Finance & Tokenization▲ · 2 stocks
Circle Internet Group, Inc.
CRCL
± MixedRegulationrelevance

Mentioned only as a peer holding a national trust charter, contrasted with OpenReserve's full-service charter; no new development for Circle.

Theme Impact 2

Off-coverage companies 6

OpenReserve BankPrivate▲ Positive
Regulationrelevance

OpenReserve received preliminary conditional OCC approval to charter a full-service national bank.

RevolutPrivate▲ Positive
Regulationrelevance

OCC granted Revolut preliminary approval for a national bank in Connecticut.

Andreessen HorowitzPrivate± Mixed
relevance

Coinbase VenturesPrivate± Mixed
relevance

JUMP CapitalPrivate± Mixed
relevance

Wintermute VenturesPrivate± Mixed
relevance

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