Prince Lorenzo de’ Medici is opening a new bank in Puerto Rico that accepts crypto.
Obviously, it is not Lorenzo the Magnificent, but one of his descendants who, together with Edward Boyle, created the Medici Bank, based in Puerto Rico.
The slogan of the new bank is “A New Renaissance Begins. Join the future of banking” and in fact, it looks like a licensed U.S. bank that focuses on the needs of digital companies operating internationally.
Porto Rico, in fact, is part of the USA, and the Medici Bank will operate as a real bank with all the necessary authorizations. The aim is to guarantee safe and compliant banking operations, but with an agile and streamlined approach. The operations will be launched by the end of 2019 and will be aimed at those who are not satisfied with today’s banking services.
The approach is user-focused, creating “less obtrusive, more convenient, often invisible experiences“. It will be a native digital bank, without paper-based processes and physical branches.
“We seek to push the envelope on AI, robotic process automation, blockchain and other burgeoning technologies to simplify workflow and UX, to expedite processing”
The reference to the blockchain is therefore explicit, and the totally digital nature of this new bank suggests that it will not only be crypto-friendly but perhaps also involved in some experimentation in this field.
The de’ Medici family has been one of the most important families in the history of finance of all time. Indeed, some of the most important advances in the banking sector have been made by the original 15th century Banco de’ Medici, based in Florence, such as cheques, letters of credit, and the use of double entry accounting.
On the Medici Bank website you can read:
“And so, we step (back) into this breach in the hopes of pulling banking out of history and into the future, recognizing that the future of banks may be to become invisible, may be to become smaller and less centralized”
So, in addition to the explicit reference to the blockchain, there is also an implicit reference to decentralization, although in this case, you do not understand well what they refer to precisely.
Prince Lorenzo de’ Medici is a direct descendant of the legendary Medici family, with expertises in asset management, family office investments and alternative investments. Edward Boyle, on the other hand, is an expert in payments and digital banking, with over 15 years of experience in various roles at American Express and 2 as managing director of Fidor Bank (Germany).