According to Decrypt, OpenReserve has received preliminary approval from the Office of the Superintendent of the Currency to establish a national bank in Salt Lake City, which must raise an initial capital of $210 million within 12 months and maintain a 12% Tier 1 leverage ratio. OpenReserve plans to launch tokenized deposit, fund management, and bank-as-a-service businesses, having previously completed a seed round financing of $25 million.
