U.S. Bank Agency Backs OpenReserve’s Plan to Launch Blockchain Bank

OpenReserve Bank has cleared an important regulatory hurdle after the U.S. Office of the Comptroller of the Currency granted the blockchain-focused company preliminary approval for a national bank charter.

The Salt Lake City-based institution is supported by major crypto and venture investors, including Andreessen Horowitz, Jump Capital and Coinbase Ventures. The approval puts OpenReserve on a path toward becoming a fully regulated bank, although it must still satisfy the OCC’s remaining conditions before receiving a final charter.

Unlike many recently approved crypto-related banking ventures, OpenReserve opted to pursue a full national bank charter instead of a trust charter. The structure would allow it to provide broader banking services while incorporating blockchain-based settlement infrastructure.

OpenReserve CEO and co-founder Dee Choubey said the decision was intentional, emphasizing regulatory oversight, financial stability, compliance and customer trust as core elements of the company’s strategy.

Focus on Institutional Crypto Services

OpenReserve plans to serve institutional clients with products spanning treasury management, stablecoin issuance and tokenized deposits. The bank also intends to align its operations with regulatory requirements under the GENIUS Act as the framework for U.S. stablecoins develops.

The company has attracted additional investment from Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures. OpenReserve filed its banking application with the OCC in April.

A16z crypto has highlighted the project’s goal of creating an always-on banking model, reflecting the continuous nature of blockchain networks and digital-asset markets.

The OCC had not immediately confirmed the charter when contacted for comment.

Crypto Firms Seek Regulated Banking Access

OpenReserve’s provisional approval comes amid a broader push by crypto-native companies to establish direct relationships with the regulated U.S. banking system. The industry has faced significant challenges accessing traditional banking services in recent years.

Regulators under the Trump administration have taken a more receptive stance toward digital assets. OCC chief Jonathan Gould has also advocated bringing crypto businesses into the regulated banking sector.

The OCC separately granted a conditional national bank charter to British fintech firm Revolut on Thursday, allowing it to establish its U.S. banking operations in Connecticut.

Together, the developments signal growing regulatory acceptance of financial institutions that combine conventional banking services with blockchain and digital-asset infrastructure.