In a move that could rearrange the fault lines between traditional finance and digital assets, LevelField Financial Inc. said Monday it has secured a crucial green light from Illinois regulators to acquire Burling Bank—pushing the firm one step closer to launching a fully insured bank built to bridge crypto and conventional banking.
Illinois Regulator Signs Off on Pivotal Step
The Illinois Department of Financial and Professional Regulation granted conditional approval for LevelField to acquire Chicago-based Burling Bank, according to the announcement. The firm plans to rebrand the entity as LevelField Bank once the deal closes. One last major gate remains: final approval from the Federal Reserve Board of Governors, which must authorize LevelField to become a bank holding company.
The IDFPR did not immediately return a request for comment Monday.
LevelField’s Vision: A Full-Service, Crypto-Forward FDIC Bank
LevelField aims to debut what it calls the first “full-service” FDIC-insured bank in the country to weave digital asset services directly into the traditional banking framework. The blueprint includes:
