Old Glory Bank, a financial institution with a focus on cryptocurrencies, is preparing to make its public debut on the Nasdaq. This move comes through a merger with the special purpose acquisition company (SPAC) known as Digital Asset Acquisition Corporation. The merger aims to establish OGB Financial Company, with the bank planning to operate under the ticker symbol OGB.
Founded in 2022, Old Glory Bank was initially known as the First State Bank of Elmore City, which has a history extending over a century. The bank was rebranded after Old Glory Holding Company acquired it, emphasizing its commitment to providing innovative digital banking solutions.
Michael Shaw, co-founder and chief innovation officer of Old Glory Bank, expressed confidence in the bank”s mission to become the first chartered bank to fully integrate cryptocurrency within traditional banking services. He stated, “We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking.” Shaw highlighted the future potential for customers to seamlessly transfer funds between blockchain and traditional banking systems, including the ability to deposit cryptocurrencies directly into their accounts. This will be facilitated through their patent-pending OGB Freedom Offramp technology, which allows for the exchange of crypto assets into fiat currency.
The merger is anticipated to finalize toward the end of the first quarter or early in the second quarter of 2026, contingent on receiving the necessary shareholder and regulatory approvals.
This initiative aligns with a broader trend in the financial sector where traditional banking entities are increasingly engaging with cryptocurrency and blockchain technologies. Notably, in December, the US Office of the Comptroller of the Currency granted conditional approvals for national bank charters to several companies linked to the crypto industry, including Ripple Labs and Circle. Furthermore, World Liberty Financial, associated with former President Donald Trump”s family, has also sought a national trust banking charter.
As the landscape of banking evolves, the integration of cryptocurrency services is likely to play a significant role in shaping the future of finance.
