According to CoinMeta, as reported by Decrypt, openreserve has received preliminary approval from the US Federal Reserve to establish a national bank in Salt Lake City. It is required to raise $210 million in initial capital within 12 months and maintain a leverage ratio of 12% at the primary level. openreserve plans to offer tokenized deposits, fund management, and bank-as-a-service services, and has previously completed a seed financing round of $25 million.