Crypto-friendly lending institution Old Glory Bank plans to list on Nasdaq via a SPAC transaction.
PANews reported on January 14th, citing Bloomberg, that cryptocurrency-friendly lender Old Glory Bank will enter into a deal with blank check company Digital Asset Acquisition Corp. to go public. In this transaction, the special purpose acquisition company (SPAC) will invest $176 million, with at least $50 million in private investment to facilitate the deal. Upon completion, Old Glory Bank will be valued at $250 million. The new company, named OGB Financial Co., will be listed on Nasdaq under the ticker symbol OGB.
Old Glory Bank, based in Oklahoma, was originally a traditional lending institution. In 2022, it rebranded as a digital bank, announcing its intention to integrate cryptocurrency into its lending, deposit, and investment products. It is one of several cryptocurrency-related companies transitioning to regulated banking, with many recently achieving this transformation primarily through applying for trust licenses. Last month, five crypto companies, including Circle Internet Group Inc. and Ripple, received conditional approval from key banking regulators for trust licenses.
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