OpenReserve Secures $25 Million Funding and Receives Preliminary Approval for National Bank Charter from OCC

Emerging bank OpenReserve has received preliminary approval for a national bank charter from the Office of the Comptroller of the Currency (OCC). The company completed its seed funding round in April, raising $25 million, led by a16z crypto, with participation from Jump Capital, Acrew, Coinbase Ventures, Clocktower, Quona, and AAF Management. OpenReserve is led by fintech executives, including Dee Choubey, co-founder of MoneyLion, and aims to combine traditional banking with blockchain infrastructure and digital asset services, operating 24/7 using digital assets and technology. The company is also seeking insurance from the Federal Deposit Insurance Corporation (FDIC) and has submitted an application to the FDIC.

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