The excitement found in the little island of Malta where the crypto space is concerned is still changing with the confirmation of a token-based bank now on the horizon.
One of the primary challenges for the so-called “Blockchain Island’ has been the difficulties meet by blockchain and crypto firms to have access to bank accounts. But this, however, is about to take a turn.
The appropriately titled, Founders Banks will from now on be offering what is considered as progressive fintech solutions to the world of innovation and blockchain’. The project is a partnership between the world’s largest cryptocurrency exchange by turnover, Binance, and the blockchain-based equity fundraising platform Neufund.
According to Founders Bank, it will become the first stable and high tech banking solutions not only concentrating on the founders but also owned by them, connecting the traditional financial world and innovative crypto firms.
Junior Minister for Digital Innovation and Financial Services Silvio Schembri noted that this was certainly a massive development for Malta.
“This is another block to our ever growing blockchain island ecosystem. Next week we will announce other complementary projects that will continue to close the circuit for the system to function. The culmination of which will be exhibited during the Government backed DELTA Summit to be held between the 3 – 5 October in Malta”.
The equity token offering to be carried out on Neufund under German regulations in partnership with one of Europe’s leading stock exchanges later this year will enable all market participants to become co-owners of Founders Bank. This will enable clients to determine the development of the solutions they are using with blockchain-style governance model according to smart contracts.
Changpeng Zhao, Founder, and CEO of Binance in statements to the media stated that Founders Bank would be the first decentralized and community-owned bank in the world.
“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 exploring 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.”, he said.
The bank will concentrate on offering a service to tech and business companies and will apparently be offering ‘top-notch’ banking solutions. Users will be allowed to access their bank accounts from mobile and desktop applications and use them with credit cards released by Founders Bank.
The Chairman and Co-founder of the bank are Dr. Michael Bianchi, a recognized businessman, an investor who is also the director on a list of company boards such as that of the Malta International Airport.
“Founders Bank is the missing piece of #BlockchainIsland on Malta. We’re proud to announce our progressive banking solutions tailored for the needs of decentralized 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!”, Bianchi said in comments to the media.
The supervisory board and management of the company includes experienced entrepreneurs and industry experts with Mr. Michael Bianchi serving as Chairman of the Board and including Dr Abdalla Kablan (a prominent blockchain and crypto advisor for Malta who is on the board of the Malta Stock Exchange, Martin Bruncko, André Eggert, Pavel Bodark, Sonal Kadchha, Paula Pandolfino and Jonathon Gowen with previous experience working in blue chip companies and institutions such as a Barclays, JP Morgan, Deutsche Bank, the European Commission, the World Bank, Deloitte, OECD and Deloitte.