By
Chimamanda U. Martha
April 19th, 2024
Malta-based Founders Bank is to become the first community-owned decentralized blockchain-friendly banking institution in the world’s history.
As it has been announced, one of the world’s major cryptocurrency exchanges by traded value Binance will become one of the key investors funding the launch of the first-ever decentralized bank.
A jurisdiction for the innovative banking solution was chosen not at random. The future Founders Bank will be hosted by the crypto-friendly island of Malta that has recently made the headlines thanks to its openness for crypto and blockchain initiatives.
According to Binance, their company has taken a 5 percent stake at a $155 million pre-money valuation. Binance is actively working on bridging the gap between the digital-token industry and conventional banking.
Not so long ago, it was revealed that Binance has serious intentions to expand its geography and enter the market of Uganda where it is going to launch the its first crypto-fiat exchange. All these brave initiatives are not the only reasons to speak about Binance.
As was previously reported by Coinspeaker, last week, its Chief Executive Officer Changpeng Zhao stated that this year their platform expects to receive profit of $500 million to $1 billion despite some difficulties and challenges existing on the cryptomarket nowadays.
And now Binance is among the investors backing the Founders Bank that after getting a license from regulators in Malta and approval from the European Central Bank will become be the first decentralized and community-owned bank in the world, opening new opportunities for the possible future of the banking industry.
Changpeng Zhao expressed their real excitement about the new initiative:
“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.”
A special focus in Founders Bank’s activities will be made on providing services to tech and crypto businesses and offering top-tier banking solutions. The bank’s clients, holders of Founders Bank credit cards, will get an access to their accounts from their desktop web and mobile applications.
The launch of the bank is expected to take place in the first half of 2019 and it is planned to hold the bank’s Equity Token Offering through the blockchain-based equity fundraising platform Neufund later this year.
“Founders Bank is the missing piece of #BlockchainIsland on Malta. We are proud to announce our progressive banking solutions tailored for the needs of decentralised companies, with already existing support from the leaders of the blockchain industry, including Binance and Neufund. I am excited about the upcoming equity token offering when everyone will be able to become the co-owner of the company and shape the future of banking with us! ” said Mr Michael Bianchi, Chairman and Co-founder at Founders Bank.