Blockchain island, Malta, has established a new bank which will be owned by cryptocurrency investors. The Founders Bank aims to bring together the world of traditional banking with the digital economy and is backed by major crypto exchange Binance, which is taking a five percent stake in the operation.
According to a press release from Malta’s government, Founders Bank will aim to deliver progressive FinTech solutions to the world of innovation and blockchain, with the bank issuing legally binding equity tokens in an offering through blockchain-based equity fundraising platform, Neufund.
The release states that Founders Bank, when licensed, will be the world’s first decentralized and community-owned bank, bridging the gap between the traditional financial world and innovative crypto companies.
Parliamentary Secretary Silvio Schembri welcomed the efforts, by Binance, for the establishment of Founders Bank.
“Just a few days after enacting the three laws, the blockchain community in Malta is already implementing its projects for the creation of this new economic sector,” said Parliamentary Secretary Silvio Schembri. “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 honored to be chosen as the location of the first global community-owned bank that cares deeply about transparency and regulation.”
“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”, Binance Founder & CEO Changpeng Zhao said.
Founders Bank will focus on serving tech and crypto businesses and will offer top-tier banking solutions. Users will be able to access their accounts from both mobile phone and desktop web applications and use them directly with credit cards issued by Founders Bank. The company is currently awaiting its Malta banking license, and expects to launch in the first half of 2019. It will host its Equity Token Offering through Neufund’s platform later this year.