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via Decrypt · By Decrypt Editorial
A16z-Backed OpenReserve Gets Approval for Full-Service National Bank
DE
Decrypt Editorial(05:19 PM UTC)
1 min read
In brief
- The OCC granted OpenReserve Bank preliminary conditional approval on September 2 to charter a national bank in Salt Lake City, Utah, just under five months after the company filed its application.
- OpenReserve must raise at least $210 million in initial paid-in capital and hold a 12% Tier 1 leverage ratio for three years before it can open.
- OpenReserve plans a separate subsidiary to issue…
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