OpenReserve Gets Nod to Launch ‘Bank That Never Closes’
FinTech company OpenReserve has gotten conditional approval for a U.S. banking charter. The company received that permission from the Office of the Comptroller of the Currency this week, CEO Dee Choubey said in a post on X Thursday (Sept. 3). “Preliminary conditional approval to charter a de novo national bank is a privilege our team does not take lightly,” wrote Choubey, who also founded…
FinTech firm OpenReserve has received preliminary approval from the Office of the Comptroller of the Currency to launch a U.S. national bank, CEO Dee Choubey announced on X on September 3rd. Choubey, who also founded MoneyLion, emphasized that securing conditional approval to charter a new bank is a significant milestone and marks the beginning of a challenging phase.
Andreessen Horowitz led a $25 million seed round for OpenReserve, with general partner Guy Wuollet stating that the company aims to address the need for a bank that is always open and accessible, much like a blockchain. The company plans to issue its own stablecoin and tokenize deposits to enable instant settlements and transactions, even during Federal Reserve shutdowns.
OpenReserve's architecture allows it to accept stablecoins as collateral, making it an attractive option for banks looking to incorporate programmable money.
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