Silicon Valley Bank officially sold to First Chinese BankOn Wednesday, LevelField declared its ambition to become the first Federal Deposit Insurance Corporation(FDIC)-insured bank to offer digital asset services after acquiring Burling Bank. Not only will they provide traditional banking services through this full-service institution, but they will also offer cryptocurrency-related options. Although no financial details of the Burling Bank acquisition have been released yet, all regulatory approvals and paperwork are expected to be concluded before the end of this year.
LevelField could soon be the first FDIC-insured financial institution to offer services related to cryptocurrencies. However, that does not indicate that investing in digital assets will become safer. While deposits with an FDIC-backed bank are protected up to $250,000 in case of a bank failure, the FDIC has yet to insure investments made into cryptocurrency products.
As part of the acquisition, Burling Bank’s senior management team will stay on board and collaborate with LevelField’s current executives to grow their business across the nation. LevelField follows the footsteps of other big-name financial corporations such as Bank of America, Goldman Sachs, and USAA, who have all adopted cryptocurrencies recently.
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