On Wednesday, digital asset startup LevelField Financial said it was acquiring Chicago community bank Burling, whose deposits are FDIC insured and is Illinois state-chartered. LevelField wants to be a full service bank offering both traditional banking and compliant digital asset services.
The news comes just days after the Federal Reserve Board denied Custodia Bank’s application to become a member of the Federal Reserve System. The Fed also said it aimed to prevent uninsured state banks from holding most cryptocurrencies.
Regulators will have a say about whether the LevelField acquisition can proceed, hence the six to nine months completion period, which could be on the optimistic side.
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