OpenReserve gets preliminary OCC nod for US national bank

TREE NEWS update: Blockchain fintech OpenReserve on Sept. 2 received preliminary conditional approval from the OCC to establish a full-service national bank in Salt Lake City, Utah. The approval, granted in under five months, requires the company to raise at least $210 million in initial paid-in capital within 12 months and maintain a minimum 12% tier 1 leverage ratio for three years after opening. OpenReserve plans tokenized deposits, treasury management, and banking-as-a-service for institutions, and must open within 18 months or lose approval.