OpenReserve Bank has received preliminary approval for a national banking charter from the U.S. Office of the Comptroller of the Currency, bringing the blockchain-focused company closer to launching as a regulated U.S. bank.

The Salt Lake City, Utah-based firm said Thursday that the OCC had granted it a provisional charter. OpenReserve is backed by investors from the crypto and venture capital sectors, including Andreessen Horowitz, Jump Capital and Coinbase Ventures.

The company took a different route from many other crypto-related banks that have recently received preliminary OCC approvals. Rather than applying for a trust charter, OpenReserve sought authorization to operate as a full-service national bank, combining traditional financial services with onchain settlement.

OpenReserve co-founder and CEO Dee Choubey said the company intentionally chose the national banking route. He described regulatory supervision, financial soundness, compliance and customer confidence as fundamental parts of the bank’s business model.

The provisional approval does not yet give OpenReserve a permanent charter. The company must still complete the OCC’s requirements and receive final approval.

OpenReserve said it plans to focus on institutional customers, offering services such as treasury management, stablecoin issuance and tokenized deposits. Its operations are also being developed to comply with the requirements associated with the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act.

Backers See Potential for 24/7 Banking

A16z crypto said OpenReserve’s vision of an always-available financial institution was a key reason for its investment. The venture firm described the project as a bank designed to operate continuously rather than follow the limited hours typical of traditional financial institutions.

OpenReserve said additional backing has come from Acrew, Wintermute Ventures, Clocktower, Quona, AAF Management and Zero Knowledge Ventures. The company submitted its OCC application in April.

The OCC had not immediately responded to a request to confirm the provisional charter.

OpenReserve’s approval comes as a growing number of crypto-native companies pursue regulated banking licenses. The push follows years of friction between digital-asset businesses and traditional banks.

The Trump administration has generally taken a more supportive position toward the crypto industry, while OCC Comptroller Jonathan Gould has promoted greater integration of digital-asset businesses into the regulated banking system.

The OCC also issued a conditional banking charter to British fintech company Revolut on Thursday. The company plans to conduct its U.S. banking operations from Connecticut.

The latest approvals reflect the expanding effort to merge blockchain-based financial infrastructure with traditional banking under the oversight of U.S. regulators.