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BTC 
ETH Andreessen Horowitz leads a US$25 million seed round of financing for OpenReserve to create a "never-closing" continuous bank
On September 3, Andreessen Horowitz's cryptocurrency investment division announced that it is leading a US$25 million seed round of financing for OpenReserve. OpenReserve is a startup committed to building what it calls a "continuous" bank-a financial institution that never closes.
The announcement describes OpenReserve as a bank driven by a programmable core ledger that aims to achieve the instant settlement capabilities provided by tokenized deposits and stablecoins.
Banks built like blockchain
The venture capital firm points out that although the Internet has transformed most other industries, banking remains a bottleneck in modern finance. Traditional banks still have time to open and close, and the speed of capital flow is still limited by ACH (Automated Clearing House) and wire transfer; and financial technology mainly changes the front-end interface of financial services.
OpenReserve is positioned as the solution to this problem: an always-open, ready-to-use bank that combines the continuous flow of funds with the compliance and security expected from a regulated body. However, the company did not disclose the specific launch date or the status of the chartered bank in the announcement.
Combining continuous capital flows with regulated credit
Its core theory holds that stablecoins can achieve continuous flow of funds, but cannot create credit; while banks can create credit, but cannot operate natively on the chain. OpenReserve aims to combine the two to build a regulated credit system on top of a round-the-clock flow of funds and leverage ledgers that can settle transactions instantly.
The company's founder, Dee Choubey, previously founded the consumer finance platform MoneyLion.
Anreessen Horowitz said that because the banking industry has not historically been driven by technological innovation, venture capital has always shunned the banking industry. But this situation has changed as stablecoins mature into better forms of money and the scarcity of lending expertise has increased.
Why new banks attract capital inflows
Since the global financial crisis, the number of franchises for new banks has been significantly reduced and has only recently begun to recover. Investors see this as a window of opportunity to win customer trust through purpose-built institutions while operating on modern infrastructure. This round follows other recent inflows of capital into stableco-related banking areas, such as the $180 million raised by Augustus for his stablecoin clearing bank.
Anreessen Horowitz did not disclose a list of other investors in the round of funding, nor did he say how the funds would be allocated among technology, licensing and lending businesses. In addition, the company has not yet announced a public launch schedule.
