Malta was missing one last piece to call itself “Island of the blockchain” in all respects: a decentralized bank.
From now on, however, the EU member state will also have its FinTech banking solution.
And it will not be an institution like many others.
Its name is Founders Bank, which has become the latest valuable purchase of the Maltese ecosystem, whose legal framework favourable to the blockchain industry has attracted the interest and investment of a growing number of companies in the sector.
The team behind the project, according to a press release, intends to offer FinTech solutions to the world of innovation and blockchain.
To support the project financially, there will also be Binance: the largest exchange of cryptocurrencies in the world will in fact be one of the main investors in the newly formed hi-tech financial company.
The bank’s property
“What was accomplished today is only the first step towards an offer that Founders Bank will present on the Neufund blockchain platform. The Berlin startup specializes in the tokenisation of the real economy and offers fundraising solutions through ICO for traditional businesses.
Founders Bank will become the first “associative” hi-tech stable banking solution, which will become the property of its own investors and founders, thus breaking the bridges between the traditional financial world and the most innovative crypto societies.
The equity token offer will be conducted this year on the Neufund platform in compliance with German regulations and in collaboration with one of Europe’s leading equity markets. The issue will allow token buyers to become co-owners of the bank.
This is the most pioneering aspect of the new bank: customers will decide what solutions will be used through a blockchain-style governance model based on smart contracts.
Massive breakthrough for the financial world
Once the bank license is obtained, Founders Bank will become the first decentralized bank in the world and held by its own community. The impression is that we are facing a key passage, a moment of possible epochal change, for the financial world.
“Not only are we just excited to be one of the first investors in an innovative banking community. We also look forward to exploiting the full range of possibilities that its services offer, “said Changpeng Zhao, managing director and founder of Binance.
Customers will have access to their current accounts thanks to the App downloaded to smartphones, tablets and computers and will be able to perform their operations there with special credit cards provided by Founders Bank.
The debut in the first half of 2019
The company, which expects to receive a banking license from Malta, should be operational from the first half of 2019 and will launch its Equity Token Offering on the Neufund platform this year.
“We are proud to announce the emergence of banking solutions designed to meet the needs of decentralized businesses, with the support of blockchain industry leaders, including Binance and Neufund,” said Michael Bianchi, Founder Bank Chairman and Co-Founder.
As part of the supervisory board and the management of the company, there are experienced entrepreneurs and top experts in the financial industry including Michael Bianchi (chairman of the board), Abdalla Kablan, Martin Bruncko, André Eggert, Pavel Bodark, Sonal Kadchha, Paula Pandolfino and Jonathon Gowen, who have professional experiences in large companies and high-profile organizations such as Barclays, JP Morgan, Deutsche Bank, the European Commission, the World Bank, Deloitte, and the OECD.