OpenReserve, an Andreessen Horowitz-backed startup, receives preliminary OCC approval to operate as a national bank focused on onchain settlement.
DeFi & Yields ·
OpenReserve Holdings has received preliminary approval from the Office of the Comptroller of the Currency to operate as a national bank with a focus on onchain settlement. The move follows a $25 million seed round for the Andreessen Horowitz-backed startup.
The preliminary OCC approval represents a significant regulatory milestone for blockchain-native banking infrastructure. A national bank charter would enable OpenReserve to offer deposit-taking and settlement services anchored to onchain operations, potentially bridging traditional banking rails with distributed ledger infrastructure.
Questions remain around the timeline for final approval, the specific scope of permitted onchain activities, and how OpenReserve will navigate custody, capital, and compliance requirements at the intersection of traditional banking regulation and cryptocurrency operations.