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Monet Bank, owned by Trump billionaire supporter Andy Beal, enters the crypto lending sector
On December 6, according to The Information, a small community bank in Texas—Monet Bank—has entered the cryptocurrency lending sector, calling itself an “infrastructure bank” focused on digital assets. The bank is owned by a billionaire political supporter of former President Trump. According to its official website, “Monet Bank is dedicated to becoming a leading digital asset financial institution, providing innovative and forward-looking solutions for the digital economy.” Although state records show its assets are less than $6 billion and its capital is just over $1 billion, it is still considered a very small community bank by size. Reportedly, the lending institution was founded in 1988 and was originally called Beal Savings Bank. Andy Beal, founder of Beal Financial Corp., is known as a poker expert and a major donor to Trump’s successful 2016 presidential campaign, and he once funded his own political action committee.