Founders Bank: the first decentralized bank in Malta

Crypto News

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.

What do you think of the new type of financial institution supported by Binance in Malta? Tell us in the comments below.

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