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LevelField Is On Its Way To Become The First FDIC Guaranteed Bank Offering Cryptocurrency

levelfield is on its way to become the first fdic guaranteed bank offering cryptocurrency

On Wednesday, LevelField declared its ambition to become the first FDIC-insured bank to provide digital asset services after purchasing Burling Bank. With this bold move, they are determined to strongly lead the banking industry into a new era of fintech.

FDIC Insurance is a Big Step for Investors to Assure Themselves

LevelField is looking to provide its customers with cryptocurrency-related services in addition to traditional banking options. Once the acquisition has received regulatory authorization from relevant governing bodies, the deal will be finalized by year’s end, as revealed in an official press release. However, specific financial details of this agreement have yet to be disclosed at this time.

While LevelField might be the first FDIC-insured bank to offer cryptocurrency services, that does not guarantee a more secure way of investing in unpredictable digital assets. The Federal Deposit Insurance Corporation insures up to $250,000 for depositors in case their banks fail; however, it is essential to note that crypto investments are still uninsured by this organization.

levelfield is on its way to become the first fdic guaranteed bank offering cryptocurrency

Burling Bank’s Executive Staff Will Be Integrated into LevelField’s Staff

Burling Bank’s senior management team is honored to remain part of the acquisition and work with LevelField‘s existing team. This united collaboration will allow the bank to continue thriving, advancing beyond its current business model. Working hand in hand on projects big and small, Burling Bank and LevelField aim to maximize results for the highest achievable impact.

LevelField Joined the List of Banks Making Breakthroughs in Fintech.

LevelField is the latest organization entering into cryptocurrency, joining a growing list of traditional finance companies keen to embrace digital assets. Indeed, Bank of America, Goldman Sachs, and USAA have taken tentative steps towards implementing cryptocurrencies to varying extents in recent years, demonstrating how widespread and mainstream this new finance era has become.

If you’d like to take a look: UK Brings New Regulations for Cryptocurrencies

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