Plans to Launch Decentralized Banking to Support Crypto Craze
The world’s first-ever decentralized bank is now in the works on the small island of Malta, nearby Sicily Italy. Founders Bank has collaborated with Binance and blockchain-based fundraising provider Neufund to create an easier cryptocurrency banking solution. What Founders Bank regarded as ‘progressive fintech solutions to the world of innovation and blockchain,’ this collaboration is launching the debut of its community-owned bank.
The platform promises to offer ‘top notch’ banking services allowing users to gain access through desktop and mobile apps. Founders Bank will have its own bank card where account holders can manage their cryptocurrencies and other funds. The institution is anticipating its banking license with plans to launch early 2019. Neufund will initiate an Equity Token Offering (ETO) to raise funds for its launch later this year.
Malta’s Government and Businesses are Ready for Blockchain Implementation
Dr. Michael Bianchi, Chairman and Co-founder of Founders Bank, said in an official statement on Malta’s government website that,
We are not only excited to be one of the first investors of this inclusive community for this pioneering initiative but also look forward to explore the full range of its banking services. We continue to be delighted by the vibrant blockchain opportunities in Malta and look forward to launching more partnerships in the region.
Just days after Malta enacted 3 laws that solidifies its title as the world’s ‘blockchain island,’ they are already planning for a bank centered around cryptocurrencies. Parliamentary Secretary Silvio Schembri expressed his enthusiasm saying in the government’s press release that,
We welcome Founders Bank with utmost excitement and hope that their fintech solutions will attract even more world class companies to our blockchain island and contribute to our ecosystem. We are honoured to be chosen as the location of the first global community-owned bank that cares deeply about transparency and regulation.
Malta: A Slice of Crypto Paradise
This little European Island has hit the ground running in the race for mass implementation of blockchain technology. Their announcement resembles features of Revolut, another digital cryptocurrency banking option. However, until we know the details of their ‘top notch’ services being offered, we can’t truly measure the significance of Founders Bank. All we do know is that it’s a great addition to the island’s decentralized monetary outlook.