OpenReserve raises $25M seed to build a bank that never closes
What's the deal? OpenReserve, a fintech building a blockchain-native national bank, has closed a $25 million seed round led by a16z cryptoDealroom has a profile for this one. Try Dealroom →, with Coinbase Ventures among 11 backers. The company already holds preliminary conditional approval from the Office of the Comptroller of the Currency to form a nationally chartered US bank.
What's the endgame? Founded in 2025 by Diwakar Choubey and Richard Correia, OpenReserve plans no physical branches. It aims to run around the clock as a fully digital bank serving digital-asset clients, offering deposits, lending, payments, and tokenized asset products on blockchain rails.
The centrepiece is ReserveUSD, or rUSD, a compliant stablecoin the company plans to issue through its subsidiary, ReserveUSD, LLCDealroom has a profile for this one. Try Dealroom →. Investor a16z crypto framed the pitch simply: a bank that combines "continuous money with regulated credit."
Why now? OpenReserve arrives as US stablecoin regulation crystallises around the GENIUS Act, which sets a federal framework for stablecoin issuers. That clarity gives a chartered bank a path to issue its own compliant token.
Why the size stands out: At $25 million, the round lands in the top 1% of seed rounds raised over the past four years. Backers are betting on a team that extends beyond the two founders to include John Chrystal, David Schwed, Jame Sloan, and Soumya Basu, spanning banking, cybersecurity, and blockchain.
What could go wrong? The bank's status is listed as "in organization," meaning several pre-opening hurdles remain — chief among them an FDIC deposit insurance application. Such applications can stall and conditions can multiply, and the venture depends on approvals that may never come.
The signal: Venture capital has rarely chased banks, which historically saw little technological disruption. OpenReserve's raise reflects a bet that blockchains and clearer stablecoin rules are changing that — turning the regulated bank charter itself into a startup opportunity.
Read more: cryptobriefing.com, a16zcrypto.com
Image credit: ITU Pictures
