Billionaire Andy Beal's Monet Bank transforms into a cryptocurrency service institution

Monet Bank, a small community bank in Texas, officially enters the cryptocurrency space, positioning itself as an "infrastructure bank" focused on digital assets. The bank is owned by billionaire Andy Beal, who was a significant supporter of Trump's 2016 presidential campaign.

Monet Bank has assets of less than $6 billion and slightly over $1 billion in capital. It was previously known as Beal Savings Bank, rebranded to XD Bank earlier this year, and ultimately named Monet Bank.