Bitcoin

Crypto-Pleasant Financial institution to Go Public as Texas Firm by way of SPAC

Editor
Editor
Crypto-Pleasant Financial institution to Go Public as Texas Firm by way of SPAC


The “digital-first“ financial institution created in 2022 is ready to go public on the Nasdaq, topic to shareholder and regulatory approvals.

Old Glory Bank, a crypto-friendly lender, said it will merge with Digital Asset Acquisition Corporation to form a Texas-based company listed on Nasdaq.

In a Tuesday notice, Old Glory and special purpose acquisition company Digital Asset Acquisition Corporation said they plan to form OGB Financial Company as part of an effort to go public under the ticker symbol OGB. The deal is expected to close “at the end of the first quarter or early in the second quarter of 2026,” subject to regulatory and shareholder approval.

“We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking,” said the bank’s co-founder and chief innovation officer, Michael Shaw, adding:  

“[W]e are assured that, sooner or later, our clients may have the power to simply transfer cash on and off chain, in addition to immediately deposit crypto into their checking account, by exchanging crypto into fiat using our patent-pending OGB Freedom Offramp.”

Supply: Previous Glory Financial institution

Based because the First State Financial institution of Elmore Metropolis in Oklahoma greater than 100 years in the past, Previous Glory Holding Firm acquired the financial institution in 2022, rebranding the merged entities as Previous Glory Financial institution. The corporate stated on the time that the financial institution would “present digital-first banking options”

Associated: World central banks rally behind Powell, stress Fed independence

Different crypto firms encroaching on banking sector

In December, the US Workplace of the Comptroller of the Foreign money conditionally accredited 5 nationwide financial institution constitution functions for firms tied to the crypto business, together with Ripple Labs and Circle.

World Liberty Monetary, the crypto firm tied to US President Donald Trump and his household, additionally filed for a nationwide belief banking constitution final week. The corporate’s CEO, Zach Witkoff, stated the transfer was geared toward accelerating “issuance, custody, and conversion” for its stablecoin.