LevelField Financial has received regulatory approval to acquire Burling Bank, paving the way for the first FDIC-insured chartered bank to offer crypto-integrated banking services across the US. LevelField aims to provide 24/7 crypto-banking services, including Bitcoin-backed loans and digital asset trading. Burling Bank has around $196 million in net assets. CEO Gene A. Grant II highlights the importance of regulatory oversight in the US banking system. The move strengthens ties between the crypto and banking sectors in the US, despite ongoing friction. US banking groups are concerned about stablecoin adoption potentially leading to $6.6 trillion in deposit outflows from the traditional banking system. The Federal Reserve maintains a cautious stance toward crypto following the bankruptcy of crypto-friendly banks in early 2023.

Read more at Cointelegraph: LevelField Financial Receives Approval to Buy Chicago Bank