Monet Bank Joins Growing Field of Crypto-Focused Banks
Monet Bank, a Texas community bank owned by billionaire Andy Beal, is entering the crypto-lender field, positioning itself as an infrastructure bank for the digital economy. The bank has assets under $6 billion and more than $1 billion in capital, operating under state-charter and FDIC regulation with six offices.
Founded in 1988 as Beal Savings Bank, it was renamed XD Bank earlier this year before rebranding as Monet Bank two months later. The bank is led by Andy Beal, founder of Beal Financial Corp., known as a high-profile poker player and a major backer of Donald Trump’s 2016 presidential campaign via a political action committee.
This strategic shift aligns with a growing trend of banks serving the crypto industry, as reported by The Information. Other crypto-focused banks in development include Erebor Bank, a tech-focused OCC-chartered lender backed by Peter Thiel, and N3XT, a Wyoming SPDI formed by former Signature Bank executives.
Regulators have moved from earlier caution regarding crypto towards providing guidance aimed at improving the crypto industry’s access to banking services. FDIC acting chair Travis Hill indicated proposed crypto regulations tied to the GENIUS Act would be discussed at a recent hearing. Beal’s firm did not immediately respond to comment requests.
