LevelField Financial To Become First FDIC-Insured Bank to Offer Traditional Banking And Bitcoin Services
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LevelField Financial is set to acquire Burling Bank in a move that would enable access to bitcoin for traditional banking customers.
Once the acquisition is approved by regulatory authorities, LevelField Financial will be able to expand its services and products nationwide.The firm would offer customers a full suite of products and services, from traditional banking services to digital asset services, all within an FDIC-insured institution.LevelField Financial will also benefit from the expertise of the senior management team of Burling Bank, which will join the LevelField Financial leadership team.
LevelField Financial, a U.S. financial firm that offers digital asset services, has announced the acquisition of Burling Bank, an FDIC-insured Illinois state chartered bank.
The $50 million deal will make LevelField the first FDIC-insured fully compliant finance entity that handles bitcoin, per the announcement. Once the acquisition is complete, the bank plans to offer bitcoin buying, custody and borrowing to clients, on top of enabling them to get paid in BTC. The firm will also offer a bitcoin rewards debit and credit card.
Chicago-based Burling Bank currently provides traditional financial services to customers along with professional trading services. Their acquisition is part of LevelField Financial’s bid to expand nationwide, with the senior management team of Burling to join the leadership of LevelField.
“We conducted a broad review of banks in the U.S. to find the ideal institution with both an existing business and a management team who are aligned with our vision; we exceeded our expectations with Burling Bank. With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class,” said Gene A. Grant II, CEO of LevelField Financial.
The firm will continue to offer retail banking and traditional services alongside products that appeal to customers interested in digital assets.
The acquisition is still subject to the approval of the relevant regulatory authorities, and if approved, is expected to close sometime later this year.