OpenReserve Gets Preliminary OCC Approval for Blockchain-Based US Bank
Summary
- OpenReserve said it received preliminary approval from the Office of the Comptroller of the Currency for a national bank charter.
- OpenReserve is seeking to establish a bank that connects the traditional banking system with blockchain infrastructure and digital-asset (cryptocurrency) services.
- OpenReserve plans to tokenize deposits, operate the bank 24 hours a day, and has previously raised funding from Andreessen Horowitz (a16z).
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OpenReserve, which bills itself as a blockchain-based 24/7 bank, has received preliminary approval from the Office of the Comptroller of the Currency for a national bank charter.
Bloomberg reported on Sept. 3 that OpenReserve is seeking to establish a bank that connects the traditional banking system with blockchain infrastructure and digital-asset services.
The company plans to use cryptocurrencies and related technology to build a bank that operates around the clock, including on weekends. It is also pursuing a plan to tokenize bank deposits so funds can move and settle in real time on blockchain networks.
OpenReserve has previously raised funding from venture capital firm Andreessen Horowitz, also known as a16z.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.