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cryptofreak

Binance will support first decentralized bank

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It has been announced that Binance will become one of the major investors funding the launch of the first ever decentralized bank. Malta Island, known for its openness for blockchain and crypto initiatives, has been chosen to host the future Founder’s Bank. Binance revealed that a 5% stake has been taking by their company at a pre money valuation of $155 million. Binance is striving hard to bridge the gap existing between conventional money and the digital token industry.

 

Binance is backing the Founder’s Bank of which after a license is acquired from Malta regulators and the European central bank approves it, will become the world’s first decentralised and community owned bank, as a result setting up new opportunities for the future of the banking industry.  

Changpeng Zhao in excitement about their new initiative said that:

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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.

 

The activities of Founder’s Bank will be focused on, in areas such as providing first class banking solutions and offering services to crypto and tech business. Credit card holders of Founder’s bank as well as bank clients, will be able to utilize their mobile and desktop applications to access their accounts.

The bank is expected to launch within the first six months of 2019, and later this year, it plans to hold the bank’s equity token offering through Neufund (the blockchain-based equity fundraising platform).

 

Mr Michael Bianchi (Chairman and co-founder at Founders Bank) said that:

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Founders Bank is the missing piece of Blockchain Island on Malta. We are 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! 

 

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