Andreessen Horowitz-backed OpenReserve has secured preliminary OCC approval for a national bank charter. Crypto once tried to eliminate banks; now It's becoming them. The Wolf Of All Streets breaks it down:

@scottmelker wild to see crypto embrace the banks it fought

@scottmelker Looks like another major backing for crypto, this time from Andreessen Horowitz getting a national bank charter!.

@scottmelker Wow, that's a huge step for them.

@scottmelker Every crypto company finds out the same thing: the last step goes through a bank. So you either partner with one or become one. Both hand the exit back to someone else. The third option is rails the user controls the whole way through, which is harder than buying a charter.

@scottmelker Funny how the whole "decentralized" thing ends up looking pretty centralized these days.

@scottmelker Interesting to see the shift from disruptor to insider.

@scottmelker ironico como as coisas mudam, né?

@scottmelker Andreessen Horowitz, the pedophile supporter?

@scottmelker bro becoming the bank lmao.

@scottmelker banks are just $BTC wrappers now.