OpenReserve Secures $25M Seed Funding, Receives Preliminary Approval for US National Bank Charter

The Office of the Comptroller of the Currency (OCC) has granted preliminary approval to OpenReserve's national bank charter application. The company completed a $25 million seed funding round in April, led by a16z crypto, with participation from Jump Capital, Acrew, Coinbase Ventures, Clocktower, Quona, and Middle East venture capital fund AAF Management. OpenReserve is led by fintech executives including MoneyLion co-founder Dee Choubey, focusing on combining traditional banking services, blockchain infrastructure, and digital asset services, utilizing digital assets and technology for 24/7 operations. OpenReserve is also pursuing Federal Deposit Insurance Corporation (FDIC) insurance and has submitted an application to the FDIC.