PANews January 14, 2023 — According to a Bloomberg report, crypto-friendly lender Old Glory Bank is set to go public through a merger with the blank-check company Digital Asset Acquisition Corp. In this transaction, the special purpose acquisition company (SPAC) will inject $176 million, with an additional private investment of at least $50 million to support the deal. After the transaction, Old Glory Bank will be valued at $250 million. The new company will be named OGB Financial Co. and will be listed on the NASDAQ under the ticker symbol OGB. Based in Oklahoma, Old Glory Bank was originally a traditional lender but rebranded as a digital bank in 2022, stating its intention to integrate cryptocurrency into its loan, deposit, and investment products. It is one of several crypto-related companies that have transformed into regulated banks, with most recently achieving this status by applying for trust charters. Last month, five crypto companies, including Circle Internet Financial and Ripple, received conditional approval for trust charters from a key banking regulator.
Old Glory Bank to List on Nasdaq via SPAC Deal Valued at $250M
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Summary
Old Glory Bank, a digital asset news highlight, is set to list on Nasdaq through a SPAC merger with Digital Asset Acquisition Corp. The transaction values the bank at $250 million, including a $176 million SPAC investment and at least $50 million in private funding. The new entity, OGB Financial Co., will trade under the ticker symbol OGB. Originally a traditional lender based in Oklahoma, Old Glory rebranded in 2022 to offer loan, deposit, and investment products integrated with cryptocurrency. On-chain news continues to attract market attention as traditional finance moves closer to digital assets.
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