Previous Glory Financial institution and Digital Asset Acquisition Company (DAAQ) have agreed to merge and kind a brand new publicly traded enterprise referred to as OGB Monetary Firm.
In line with a January 13 discover, this new firm shall be based mostly in Texas and commerce shares on Nasdaq underneath the ticker OGB.
This banking group presently manages over 80,000 private and enterprise accounts throughout all 50 states and operates a bodily location in Elmore Metropolis, Oklahoma.
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DAAQ has said its belief account holds round $176 million. The merger values Previous Glory Financial institution at $250 million earlier than new funding.
Each corporations intend to boost one other $50 million by a non-public funding in public fairness or an identical fundraising technique.
Among the many financial institution’s founders are outstanding figures corresponding to Dr. Ben Carson, Larry Elder, John Wealthy, Sean Spicer, and Invoice Shine. The group describes the financial institution as a freedom-oriented various to conventional banks, in response to its press launch.
The financial institution’s chief innovation officer, Michael Staw, has spoken about integrating crypto instruments with common banking. Plans are underway to make use of a pending patent know-how, “OGB Freedom Offramp”, to permit customers to transform digital property into {dollars} and add them to their financial institution stability.
The corporate is getting ready to introduce a stablecoin, OGBUSD, pegged to the US greenback and based mostly on the ERC-20 protocol for cross-border transactions.
Not too long ago, Bakkt Holdings, an organization that builds instruments for digital asset funds, stated it plans to purchase Distributed Applied sciences Analysis. What’s the purpose of the acquisition? Learn the total story.
