LevelField secures FDIC approval to acquire Burling Bank for crypto services

U.S. banking startup LevelField has secured approval from the Federal Deposit Insurance Corporation (FDIC) to acquire Burling Bank, a Chicago-based regional bank, Bloomberg reported. Following the acquisition, LevelField plans to transform Burling Bank into a full-service institution that offers cryptocurrency services. The deal now only requires final approval from the U.S. Federal Reserve.