Billionaire Andy Beal's Monet Bank transforms into a cryptocurrency services provider.

According to ChainCatcher, Monet Bank, a small community bank in Texas, has officially entered the cryptocurrency space, positioning itself as an "infrastructure bank" focused on digital assets. The bank is owned by billionaire Andy Beal, a key supporter of Trump's 2016 presidential campaign.

Monet Bank has assets of less than $6 billion and capital of slightly over $1 billion. It was previously named Beal Savings Bank, and changed its name to XD Bank this year before finally settling on the name Monet Bank.