Cryptocurrency has been one of the most discussed topics of the decade, be it its ability to turn the layman into a millionaire or the prospect of the future being built upon cryptocurrency, cryptocurrency is without a doubt all the rage.
A digital revolution that has led to the formation of a world of its own through cryptocurrency exchange platforms, wallets, mining, etc., it was only a matter of time before it crept into the real world too and with plans to launch the first-ever blockchain-based bank with tokenized ownership, the day appears to be nearer than ever.
Binance – the investor:
One of the investors who will be partaking in turning vision this into a reality is Binance. One of the leading cryptocurrency exchange was founded in mid of 2017, by Changpeng Zhao. Despite its relatively young age, this platform has managed to outperform its competitors by providing customers with unmatchable processing rate, high liquidity, and low trading fees.
With a successful history of investment and growth, Binance has now placed a stake of 5% at a $155 million pre-money valuation, as reported by Bloomberg. Binance first hinted at this back in March, when it announced plans to relocate their office to Malta.
Vision – The Founders bank:
The “Founders Bank” is aiming to become the world’s first decentralized and entirely community-owned bank. The investors, such as Binance, will become the digital token investors of the bank by investing in the blockchain-based equity fundraising platform Neufund and in return, they will be issued “legally-binding equity tokens” that will cement their status as an investor in this ambitious project. Similar to other banks, to get its launch approved, the Founders Bank will have to get its license approved by Maltese regulators, in accordance with EU financial laws.
Location – Malta:
The chosen location for this revolutionary project is the beautiful country of Malta, and the government is more than welcoming of this initiate as made apparent from the words of Silvio Schembri, a junior minister within the Office of the Prime Minister of Malta, who is reported to have said that the island “is honored to be chosen as the location of the first global community-owned bank.” The choice of Malta doesn’t come as a surprise considering the blockchain and finance welcoming regulations of the country. Interestingly, Binance itself has moved its headquarters from Japan to Malta recently.
Malta is indeed the perfect choice for such a project, some of the reasons include:
- efficient and friendly investment and business system
- the recent approval of three distributed ledger technology (DLT) and crypto-related bills that will no doubt go a long way for blockchain setups
- a welcoming and friendly initiative by the government
- blockchain friendly initiatives
- the robust and clean banking system
A revolutionary step forward into the future, the inception of the Founders Bank in Malta will no doubt usher in a new age for cryptocurrency and bridge the gap between the current banking systems and the currency from the digital world.