Malta-based cryptocurrency bank Founders Bank has appointed former executive of Deutsche Bank as its new CEO, according to a Bloomberg report on May 9.

Backed by major global crypto exchange Binance, Founders Bank plans to assist blockchain and crypto-related firms in securing financial services from traditional banking institutions, the report notes.

The new CEO, Kenan Altunis, will reportedly join Founders Bank’s team in June. Prior to the crypto bank, Altunis reportedly served as a co-head of the institutional client group at Deutsche Bank’s corporate and investment bank, where he was working directly with institutional investors and regulators.

According to the report, Founders Bank is now working to receive a license from the Malta Financial Services Authority to legally operate in Europe.

Binance, an entrant of the top 10 crypto exchanges by daily trading volume, invested in Founders Bank in July 2018 — having reportedly invested in a 5% stake along with other anchor investors — while the overall pre-money valuation amounted to $155 million. As reported at that time, Founders Bank was touted as the world’s first decentralized, community-owned bank allowing the owners to issue legally-binding equity tokens in return for their investment.

Recently, blockchain security and crypto custodial firm BitGo appointed Wall Street trading veteran Nick Carmi as head of financial services. Previously, Carmi served as Global Head of FICC Business at the high-frequency trading firm Tower Research Capital, which was founded by former proprietary trader at Credit Suisse.