A Texas Bank Takes a Bold Step into Crypto
A Bold Shift in Banking
A small bank in Texas has made a surprising move into the world of cryptocurrency. Monet Bank, once a community bank, is now calling itself an "infrastructure bank" for digital assets. This shift is part of a bigger trend where traditional banks are starting to embrace crypto.
About Monet Bank
- Assets: Less than $6 billion
- Capital: Just over $1 billion
- History: Started as Beal Savings Bank in 1988
- Regulation: Regulated by the Federal Deposit Insurance Corp. (FDIC)
- Branches: Six locations
The Owner: Andy Beal
The owner of Monet Bank is Andy Beal, a well-known poker player and a big supporter of former President Donald Trump. He funded his own political action committee during Trump's 2016 campaign.
A Growing Trend
Monet Bank is not alone in this move. Other banks are also starting to focus on the crypto industry:
- Erebor Bank: Recently received a conditional charter from the Office of the Comptroller of the Currency (OCC).
- N3XT: Former executives from Signature Bank launched this new bank, which will use a private blockchain for instant payments.
Regulatory Changes
The shift in the banking world comes as federal regulators are changing their approach to crypto. Since Trump's presidency, regulators have been more open to letting banks work with the crypto industry. The FDIC's acting chair, Travis Hill, even mentioned that new rules for the crypto industry might be coming soon.
Why the Move?
It's not clear why Monet Bank decided to make this move. The company did not respond to a request for comment.
