Binance one of the largest crypto exchanges in the world is making attempt to set the organization for a new bank. The owner of this bank will be digital-coin investors. The company stated that the crypto-friendly island of Malta will be the property of the future Founders Bank.

According to an emailed comment to Bloomberg, it has invested in a 5% stake alongside other mainstay investors at a 133 million euro, pre-money valuation.

A member of the European Union and subjects to its financial rules, the bank would require a license from regulators in Malta.

Malta is the fusion ground for traditional and blockchain finance now. A lot can happen in 3 short months. https://t.co/byUbqmUMN5 — CZ (not giving crypto away) (@cz_binance) July 12, 2018

Based on blockchain systems, the project will make an attempt to turn Founders Bank into the world’s first community-owned and decentralized bank; provided it gets all necessary authorization.

Binance stated, that its investment marks the very first step towards an offering. The Founders Bank will hold it through the blockchain-based equity fundraising platform Neufund, issuing its own ‘legally-binding equity tokens.’ The government is very supportive of cryptocurrency here, so they decided to shift to Malta.

On Thursday Silvio Schembri in a Binance statement stated,

We are honored to be chosen as the location of the first global community-owned bank.

He is the junior minister for financial services, digital economy, and innovation within the Office of the Prime Minister of Malta.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better