Wall Street gets new crypto rival after Texas bank completes regulatory pivot
CoinDesk
United Texas Bank has converted to a national charter to provide cryptocurrency firms direct access to U.S. banking systems and federal payment rails.Summary
United Texas Bank (UTB) has secured a national charter from the Office of the Comptroller of the Currency, positioning itself as a primary bridge between the cryptocurrency industry and traditional finance. By moving from a state-chartered institution to a federal one, UTB gains direct access to Federal Reserve wire and ACH systems, bypassing restrictions faced by smaller crypto-focused startups. CEO Scott Beck stated that the bank handles over $120 billion in annual crypto transactions and is launching 'UTB Atomic,' an AI-driven payment network designed to provide 24/7 liquidity and compliance surveillance, aiming to fill the market void left by banks like Silvergate and Signature.
(Source：CoinDesk)