Crypto Firm LevelField Secures Regulatory Approval for Burling Bank Acquisition – A Bold Step Toward Mainstream Finance

LevelField just bulldozed through regulatory barriers to snap up Burling Bank—proof that crypto's institutional invasion is accelerating.

Another brick in the wall of traditional finance's surrender.

Wall Street's old guard still doesn't get it: adapt or get acquired by firms that actually understand digital assets.

LevelField plans 24/7 crypto banking

LevelField Bank wants to integrate its traditional and digital assets into a single, 24/7 banking service. Soon enough, customers could eventually gain access to Bitcoin-backed loans, credit, and debit cards that reward users with Bitcoin, as well as services such as digital-asset trading and custody. 

In particular, the bank will focus on underbanked industries, including small businesses and sectors with limited access to conventional banking services. Grant II stated that all services will be underpinned by U.S. banking rules, providing a level of both security and legal oversight not available to many standalone crypto companies. 

LevelField has some analysts seeing its shift as a step toward American bank governance and the possibility that it will be the first fully regulated, FDIC-insured, chartered bank in the U.S. to introduce cryptographic services nationwide. It also follows a pattern set by many fintechs to bridge the gap between digital assets and mainstream financial institutions.

LevelField pushes forward after the previous withdrawal

LevelField first applied to acquire Burling Bank in February 2023 but withdrew its application in February 2024. The company submitted a second application in December 2024, which has now received conditional approval.

Industry analysts said that the regulatory approval heralds a change in the rules governing crypto banking. Previous crypto-friendly banks, such as Silvergate, Silicon Valley Bank, and Signature Bank, which had all gone bankrupt earlier this year, had prompted regulators to adopt a cautious approach to crypto adoption. 

LevelField’s methodical style of working — and its compliance with supervisory processes — may have given regulators some peace of mind that it is capable of connecting crypto and conventional banking safely. That purchase puts LevelField at the intersection of traditional finance and crypto innovation. And it’s a world where digital assets can exist alongside insured banks, thereby facilitating the greater adoption of cryptocurrencies. 

The sale is also indicative of broader market concerns. U.S. banking groups have warned that widespread investment in yield-bearing stablecoins could wipe out deposits from conventional banks and might ultimately take $6.6 trillion from the banking system, according to U.S. Treasury estimates as of April 2025. LevelField may offer a safer product to anyone who wants exposure to other digital assets and keeps funds within the insured banking chain.

If you're reading this, you’re already ahead. Stay there with our newsletter.