Binance participates in first ever decentralized bank project

Posted 13 July, 2018

The major crypto exchange – Binance – reportedly announced investments into the project of the regulated bank Founders Bank in Malta. The bank will be financed by crypto investors.

The company spokesperson stated that it has 5% stake in the new bank with EUR 133 ($155 million) pre-money valuation, like other main investors.

The project will be launched upon the green light from the authorities, including regulators in Malta, a member of the European Union, and the European Central Bank. In case of the positive determination, this project will be the first decentralized and community-owned bank in the world.

According to the available information, Founders Bank will use blockchain in its business. It will offer its own equity tokens via blockchain-based fundraising platform Neufund.

The Maltese authorities stated that they were excited to hear that they would host the first such bank in the world.

“We are honoured to be chosen as the location of the first global community-owned bank," said Malta's authorities. 

For reference, Binance announced a relocation to Malta earlier this year, seeing a favourable environment for the crypto business development and already opened an account with the local bank. Besides, last week Maltese authorities approved rules that would boost the attractiveness of the island for blockchain businesses.

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13 July, 2018 12:11

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Yen and euro down against US dollar

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12 July, 2018 17:47

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