BlockBeats News, September 3rd, the emerging neobank OpenReserve has received preliminary approval for a national bank charter from the Office of the Comptroller of the Currency (OCC). The company completed a seed fundraising round in April, raising $25 million, with a16z crypto leading the round. Other participants in the investment include Jump Capital, Acrew, Coinbase Ventures, Clocktower, Quona, and the Middle Eastern venture capital fund AAF Management.

The company, led by fintech executives including MoneyLion co-founder Dee Choubey, aims to combine traditional banking services with blockchain infrastructure and digital asset offerings, enabling 24/7 operations through the use of digital assets and technology. OpenReserve is also pursuing Federal Deposit Insurance Corporation (FDIC) insurance and has already submitted an application to the FDIC.