A forty-year-old Texas bank is stepping onto the national stage to challenge Wall Street’s push to get a grip on the digital asset industry.

United Texas Bank (UTB) secured approval from the Office of the Comptroller of the Currency (OCC) to convert from a state-chartered financial institution into a nationally chartered bank on May 15, Scott Beck, the president and CEO of the firm, told CoinDesk on Wednesday.

The conversion move, Beck added, is to position his crypto-friendly bank as the primary bridge between the cryptocurrency industry and traditional financial institutions and to provide digital asset services he said the UTB has years fully delivering, while “Wall Street continues to tiptoe.”

The conversion granted by the OCC Source link