Parliamentary Secretary Silvio Schembri today welcomed the efforts done by Binance for the establishment of Founders Bank. When licensed, Founders Bank will be the world’s first decentralized and community-owned bank.
“Just a few days after enacting the 3 laws, the blockchain community in Malta is already implementing its projects for the creation of this new economic sector. 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”, Silvio Schembri said, adding that the decision by the companies involved in Founders Bank is a result of the legal certainty Malta now offers.
The team behind the project aims to deliver progressive solutions to the world of innovation and blockchain. Founders Bank will conduct an offering through the blockchain-based equity fundraising platform Neufund and issue its own legally-binding equity tokens with Binance as the world’s largest crypto exchange as the first and major investors in the company.
Once licensed, Founders Bank will be the first decentralized and community-owned bank in the world, signalling the possible future of the banking industry. “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 Maltaand look forward to launching more partnerships in the region”, Founder & CEO at Binance 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 application and use them directly with credit cards issued by Founders Bank. The company is currently awaiting its Malta banking license which is estimated to launch in the first half of 2019 and will host its Equity Token Offering through Neufund’s platform later this year. The aim is to bridge the gap between the traditional financial world and innovative crypto companies.