Andreessen Horowitz · Coinbase · Circle · The Block
Andreessen Horowitz-backed OpenReserve locks in preliminary OCC approval for national bank charter
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Andreessen Horowitz-backed OpenReserve has received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a full-service national bank.
Key facts
- OpenReserve previously raised a $25 million seed round led by Andreessen Horowitz's a16z crypto
- Founded in 2025 by Diwakar Choubey and Richard Correia, OpenReserve says it is being built around a programmable core ledger and native onchain settlement
- The proposed bank must raise at least $210 million in initial paid-in capital, net of organizational and preopening expenses, the OCC said in a letter on Wednesday
- In May, Senator Elizabeth Warren accused the OCC of granting national trust charters to crypto firms that could seek to operate beyond the narrow activities permitted under the National Bank Act
Summary
The proposed bank must raise at least $210 million in initial paid-in capital, net of organizational and preopening expenses, the OCC said in a letter on Wednesday. Founded in 2025 by Diwakar Choubey and Richard Correia, OpenReserve says it is being built around a programmable core ledger and native onchain settlement. The OCC letter also says the proposed bank plans to establish a wholly owned subsidiary for the issuance, custody, conversion, and payment of U.S. dollar-denominated reserve-backed stablecoins. OpenReserve previously raised a $25 million seed round led by Andreessen Horowitz's a16z crypto.