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Andreessen Horowitz-backed OpenReserve Bank received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a full-service national bank in Salt Lake City, Utah, marking an unusual regulatory path for a blockchain-focused fintech firm. Unlike most crypto companies that have pursued trust-bank charters limiting their activities to custody and fiduciary services, OpenReserve's national bank charter will permit both deposit-taking and conventional lending alongside planned stablecoin issuance through a subsidiary.
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