OpenReserve, a blockchain-powered banking startup backed by Andreessen Horowitz (a16z), has received preliminary approval for a U.S. national bank charter, according to Bloomberg.

The company, founded by former MoneyLion executives, aims to build a 24/7 banking platform powered by blockchain technology. A national charter would allow OpenReserve to operate under a federal banking framework, subject to meeting the remaining regulatory requirements before final approval. National bank charters in the United States are supervised by the Office of the Comptroller of the Currency (OCC), which in recent years has granted such charters to a small number of digital-asset firms, including Anchorage Digital, making federal approval a relatively rare milestone for crypto-native companies. The milestone marks a significant step toward launching a blockchain-native banking institution in the United States.

a16z Supports Blockchain Banking

The backing from a16z, one of the most active venture capital firms in the crypto sector, underscores continued investor confidence in blockchain-based financial infrastructure. The firm has been an active investor in digital-asset companies through successive crypto-focused funds.

OpenReserve's vision focuses on combining traditional banking services with always-on blockchain settlement, potentially enabling faster payments and more efficient financial operations compared with conventional banking systems, which typically settle transactions on delayed schedules and limited operating hours. The preliminary charter approval could help position the company as a bridge between traditional finance and digital assets, an area where banks and fintech firms have faced challenges securing and maintaining banking relationships for crypto-related activity.

LATEST: a16z backs OpenReserve, a blockchain-powered 24/7 bank from former MoneyLion execs that just won preliminary approval for a national charter, per Bloomberg. pic.twitter.com/3Cea3YsIaj — Cointelegraph (@Cointelegraph) September 4, 2026 (https://x.com/Cointelegraph/status/2095761502959489348?ref_src=twsrc%5Etfw)

Digital Banking Continues to Evolve

The OpenReserve national charter development highlights growing interest in regulated blockchain-based banking models. As financial institutions increasingly explore tokenization, stablecoins, and real-time settlement, new entrants like OpenReserve are seeking to modernize banking infrastructure while operating within established regulatory frameworks. For readers, the practical significance is whether federally chartered blockchain banks can eventually offer everyday deposit and payment services with continuous settlement. The industry's next focus will be whether the company secures final approval from regulators and launches its services.