Malta: The home to world’s first Cryptocurrency bank
July 13, 2018 10:25 am,
Malta is taking the initiative to become the friendly jurisdiction for firms dealing with Cryptocurrency from all over the world. Recently Maltese parliament launched three Cryptocurrency bills. Now, Malta has taken an initiative to become the home to the world’s first Cryptocurrency bank. Binance, which is the world’s biggest Cryptocurrency exchanges is seeking the way for a new bank whose owners will be digital coin investors.
This is the initiative to bring digital token industry with conventional banking as a bridge. This project is backed by billionaire Changpeng Zhao CEO of Binance Exchange.
The bank will be called as Founders Bank which will be unique and will launch in early 2019. This bank will not belong to a single corporation, person, or entity. Instead, it will be owned in part by anyone who purchases a portion of its token-based equity. Founders Bank would bring its offering through the blockchain-based equity fundraising platform Neufund, issuing its own “legally-binding equity tokens.”
The bank would need a license from regulators in Malta, a member of the European Union, and approval from the European Central Bank. Users will be able to access their bank accounts from mobile and desktop applications and use them with credit cards issued by Founders Bank.
This Bank will bridge the gap between the traditional financial world and innovative crypto companies. It will focus on providing a service to tech and business companies and will be offering a ‘top-notch’ banking solutions. Basically, it is another block to ever-growing blockchain island ecosystem.