Small Texas Lender Monet Joining Field of Crypto-Focused Banks

Monet Bank, a small Texas community bank with less than $6 billion in assets, has shifted its focus to become a crypto lender and "infrastructure bank" dedicated to digital assets. The institution, previously known as Beal Savings Bank and XD Bank, is owned by billionaire Andy Beal, a significant political backer of Donald Trump's 2016 campaign. Monet Bank joins a small but growing number of financial institutions targeting the crypto industry, such as Erebor Bank backed by Peter Thiel and N3XT, a new Wyoming Special Purpose Depository Institution. This shift occurs amid evolving regulatory stances, as regulators appointed during the Trump administration have withdrawn previous cautionary guidance regarding crypto and published new guidance to facilitate the industry's access to banking services.

(Source：CoinDesk)