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Banking Startup LevelField Aims to Become First FDIC-Insured Institution to Offer Crypto Services
LevelField inched closer to its goal of offering both traditional and crypto banking services following its acquisition of the FDIC-insured Burling Bank.
Updated May 9, 2023, 4:07 a.m. Published Feb 1, 2023, 8:43 p.m.
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Banking startup LevelField is gunning to become the first FDIC-insured bank to offer digital asset services following its acquisition of Burling Bank, it said Wednesday.
The full-service bank plans to offer its clients cryptocurrency-related services alongside a host of traditional banking services. The acquisition is expected to be finalized toward the end of this year, pending regulatory approval of the transaction, according to the company's press release. Financial terms of the deal have not been disclosed.
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Although LevelField may become the first FDIC-insured bank to offer crypto services, that does not mean the bank will necessarily offer a safer way to invest in volatile digital assets. FDIC insurance protects bank depositors against losses of up to $250,000 in case of a bank failure, but cryptocurrencies are an asset class that remains uninsured by the Federal Deposit Insurance Corporation.
Burling Bank’s senior management team will remain with the bank as part of the acquisition. The senior team will work in tandem with LevelField’s existing team to expand the bank’s business nationwide.
LevelField’s foray into crypto follows crypto’s growing adoption by traditional finance companies. Bank of America, Goldman Sachs and USAA have embraced cryptocurrencies to varying extents in recent years.
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