LevelField Financial is set to acquire Burling Bank in a move that will allow 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 company will offer customers a full range of products and services, from traditional banking services to digital asset services, all at FDIC-insured institutions.
- LevelField Financial will also benefit from the expertise of Burling Bank’s senior management team, who will join LevelField Financial’s leadership team.
LevelField Financial, a US financial company that offers digital asset services, has announced the acquisition of Burling Bank, a bank insured by the Illinois FDIC.
The $50 million deal will make LevelField the first FDIC-insured financial entity to comply with bitcoin, according to the announcement. After the acquisition is completed, the bank plans to offer to buy bitcoins, hold them and lend them to clients, on top of being paid in BTC. The company will also reward bitcoin debit and credit cards.
Chicago-based Burling Bank now provides its customers with traditional financial services along with professional trading services. The acquisition is part of LevelField Financial’s bid to expand nationwide, with Burling’s senior management team joining LevelField’s leadership.
“We conducted a general review of banks in the US to find an institution that fits our existing business and a management team that aligns with our vision; we exceeded our expectations with Bank Burling. With this acquisition, LevelField will become a traditional bank. , although there are serving customers interested in the digital asset class,” said Gene A. Grant II, CEO of LevelField Financial.
The company 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 approval from the relevant regulatory authorities, and if approved, is expected to close this year.