1 month ago
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Key Takeaways
- OCC conditionally approves OpenReserve bank.
- Blockchain sits at the core.
- Deposits and lending are planned.
- Stablecoins are part of plans.
- OpenReserve cannot open yet.
OpenReserve is building a crypto bank differently
On September 2, the Office of the Comptroller of the Currency gave preliminary conditional approval for OpenReserve Bank, National Association, a proposed full-service national bank in Salt Lake City, Utah.
The application covers a broad banking business. OpenReserve plans to offer deposits, lending, payments, treasury services and digital-asset products, while using blockchain-based systems as part of the bank’s underlying infrastructure.
That puts the company in a different position from firms seeking a charter mainly to provide crypto custody.
English (US)