Andreessen Horowitz-backed OpenReserve secures preliminary OCC approval for national bank charter
OpenReserve Holdings received preliminary OCC approval for a national bank focused on onchain settlement, following a $25 million seed round.
OpenReserve Holdings has received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter, marking a significant regulatory milestone for the Andreessen Horowitz-backed firm. The approval follows a $25 million seed round and positions OpenReserve to operate as a nationally chartered bank focused on onchain settlement infrastructure.
The OCC's preliminary approval, known as a Preliminary Conditional Approval, represents an early but meaningful step in the formal bank chartering process. National bank charters grant institutions the ability to operate across state lines under federal oversight, a structure that differs substantially from state-level money transmitter licenses that most crypto-adjacent firms currently rely upon. OpenReserve's focus on onchain settlement suggests the company intends to bridge traditional banking rails with blockchain-based transaction finality.
The development reflects a broader shift in the regulatory landscape, as crypto-native and blockchain-focused companies increasingly pursue formal banking charters rather than operating through third-party banking partners. A national charter would grant OpenReserve direct access to Federal Reserve payment systems and could enable it to offer settlement services with a level of regulatory legitimacy that has historically been difficult for crypto firms to obtain.
The company will still need to satisfy the OCC's remaining conditional requirements before receiving full charter approval. Observers will be watching whether OpenReserve completes the chartering process and how its onchain settlement model functions within the federal banking framework.
Source: The Block
