Billionaire Close to Trump Makes Crypto Move from His Bank

Monet Bank, based in Texas, is making a significant inroad into a new growth story focused on cryptocurrency by positioning itself as an "infrastructure bank" for digital assets. Despite being a small-scale bank, it aims to take important steps with an asset size of approximately 6 billion dollars and 1 billion dollars in capital. The bank announced on its website that it aims to offer innovative solutions for digital assets.

Founded in 1988 as Beal Savings Bank, Monet Bank changed its brand name first to XD Bank and then to Monet Bank this year. The bank, which is supervised by the Federal Deposit Insurance Corporation, currently operates with six branches. The bank's owner, billionaire Andy Beal, is known for significant investments in the finance world, as well as for his strong support for Donald Trump’s presidential campaign in 2016.

As the number of banks in the US interested in cryptocurrency and the digital asset sector increases, Monet Bank is becoming a notable player in this field. Recently, Erebor Bank, which received a conditional banking license from the OCC, and N3XT, which began operating with a Special Purpose Depository Institution license in Wyoming, are also increasing competition in the sector. Changes in federal regulators' attitudes towards cryptocurrency are being evaluated in connection with these developments.

Instead of past stern warnings, banks are aiming to facilitate access to banking services for crypto companies with new legislation and regulations covering stablecoins. The step taken by Monet Bank has made it more visible to investors, getting it out of the radar when it comes to digital asset infrastructure and crypto lending services.