Binance supports the creation of a decentralized community bank based on the Blockchain. This new type of financial institution allows crypto-investors to bridge the gap between traditional finance and virtual money .
Binance participates in the creation of a new type of bank
Called “Founders Bank”, the new bank would be owned by investors in cryptocurrency. It aims to “bridge the concomitant gap between traditional finance and digital currencies” . The services provided, from the newly created bank, include both traditional operations and cryptocurrency-related activities.
While Binance moved to Malta last March , Founders Bank will also be established on the island . Changpeng Zhao, the founder of the crypto-stock exchange, is also very optimistic about the actual development of technology in the Maltese region.
A pioneering initiative
Silvio Schembri The country’s deputy minister of financial services, digital economy and innovation said Malta is honored to have been chosen to host the world’s first crypto-community bank.
“We welcome Founders Bank with the utmost enthusiasm and hope that their fintech solutions will attract even more world-class companies to our #BlockchainIsland. “
“Once again, Malta is proving to be the go-to destination for breakthrough innovative companies. “
Binance holds a 5% interest in the new bank. Its pre-monetary value is estimated at about $ 155 million , according to Bloomberg. “But its development is still in its infancy,” says the crypto-bourse.
Founders Bank to fundraise on Neufund platformon a date announced later. Participants will need to purchase digital tokens to become co-owners.
The pioneering initiative of the first bank owned by the crypto-community “will allow clients to guide their banking solutions with a blockchain governance model based on smart contracts. “
As a result, the community will have the supreme power over the services offered, which could potentially be a stepping stone to the future of the banking sector. Founders Bank will launch its services in 2019, in the first quarter.
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