Key Takeaways
- • OpenReserve, a Salt Lake City-based de novo national bank backed by Andreessen Horowitz and Coinbase Ventures, received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a full-service U.S. national bank charter.
- • The approval represents a significant regulatory milestone for blockchain-native banking infrastructure, signaling federal support for digital asset integration within the traditional banking system.
- • David Schwed, former CTO at Robinhood and executive at BNY and Galaxy Digital, has joined OpenReserve as CTO to lead technology and security operations for the digital asset-focused institution.
- • The charter approval positions OpenReserve to operate as a purpose-built digital bank capable of offering full-service banking capabilities to blockchain and cryptocurrency participants within a federally regulated framework.
Summary
OpenReserve announced this week that the Office of the Comptroller of the Currency granted preliminary conditional approval for its full-service U.S. national bank charter application. The Salt Lake City-based firm is backed by venture capital heavyweights Andreessen Horowitz and Coinbase Ventures, signaling institutional confidence in the blockchain banking sector. The preliminary conditional approval marks a critical regulatory step toward launching what the company describes as a "blockchain native de-novo digital bank" designed to serve digital asset participants within federally regulated banking infrastructure.
The approval carries significant strategic implications for the cryptocurrency and digital asset ecosystem. By securing preliminary OCC approval for a full-service national bank charter, OpenReserve positions itself to offer comprehensive banking services—including deposits, lending, and payment services—to blockchain-native businesses and participants. This represents federal regulatory validation of the business case for dedicated digital asset banking infrastructure, particularly given the OCC's recent openness to fintech and blockchain-focused charter applications.
Leadership at OpenReserve includes David Schwed, who brings 29+ years of experience from institutional finance backgrounds including BNY Mellon, Galaxy Digital, and Robinhood. Schwed has joined as Chief Technology Officer to build the bank's technology and security infrastructure. Dee Choubey serves as Founder and CEO. The appointment of seasoned technologists and financial services executives underscores the firm's commitment to combining blockchain expertise with institutional-grade banking operations and compliance frameworks.
The preliminary conditional approval is not final; OpenReserve must satisfy additional conditions before receiving full charter authorization. The designation as a de novo national bank means the institution is newly formed rather than a conversion or acquisition, requiring it to meet all capitalization, governance, and regulatory requirements from inception. This approval positions OpenReserve to move toward final chartering and eventual launch of banking operations serving the digital asset industry.
The approval carries significant strategic implications for the cryptocurrency and digital asset ecosystem. By securing preliminary OCC approval for a full-service national bank charter, OpenReserve positions itself to offer comprehensive banking services—including deposits, lending, and payment services—to blockchain-native businesses and participants. This represents federal regulatory validation of the business case for dedicated digital asset banking infrastructure, particularly given the OCC's recent openness to fintech and blockchain-focused charter applications.
Leadership at OpenReserve includes David Schwed, who brings 29+ years of experience from institutional finance backgrounds including BNY Mellon, Galaxy Digital, and Robinhood. Schwed has joined as Chief Technology Officer to build the bank's technology and security infrastructure. Dee Choubey serves as Founder and CEO. The appointment of seasoned technologists and financial services executives underscores the firm's commitment to combining blockchain expertise with institutional-grade banking operations and compliance frameworks.
The preliminary conditional approval is not final; OpenReserve must satisfy additional conditions before receiving full charter authorization. The designation as a de novo national bank means the institution is newly formed rather than a conversion or acquisition, requiring it to meet all capitalization, governance, and regulatory requirements from inception. This approval positions OpenReserve to move toward final chartering and eventual launch of banking operations serving the digital asset industry.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.