The U.S. financial regulator has issued a provisional charter to the emerging blockchain bank OpenReserve, integrating it into the expanding portfolio of crypto-focused financial institutions.

The Office of the Comptroller of the Currency awarded a fresh charter to OpenReserve Bank, a cryptocurrency-focused institution supported by prominent investors such as Andreessen Horowitz, Jump Capital, and Coinbase Ventures.

While the OCC has granted preliminary charters to numerous financial entities—largely trust companies—the company explained that OpenReserve selected a comprehensive bank charter designed as a full-service national bank featuring integrated on-chain settlement capabilities.

Dee Choubey, co-founder and CEO of OpenReserve, stated that selecting the national bank model was intentional, emphasizing that oversight, stability, regulatory compliance, and customer trust form the core of their vision rather than limitations.

Based in Salt Lake City, Utah, the firm requires final OCC approval before securing a permanent charter, yet it describes itself as constructed to support institutional clients in areas like treasury management, stablecoin issuance, and tokenized deposits, operating within the GENIUS Act’s framework for U.S. stablecoin innovation.

a16z crypto highlighted its investment rationale, noting the need for a continuously operational bank that remains accessible around the clock, perpetually open, and perpetually active.

The bank also secured backing from Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management, and Zero Knowledge Ventures, according to its declaration, having already filed its application with the supervisory authority in April.

The OCC declined to provide immediate confirmation regarding the charter approval.