There has been a lot of speculation whether fintech can keep up–and coexist–with cryptocurrencies. While the jury is still out on that, many financial experts are seeing the value of blockchain technology itself. Clearly, their clients stand to benefit from near-instant transactions and reduced fees. But, decentralized banking systems take things to a whole new level by allowing clients to become part owners of the bank.
Innovations in regulation are happening in Europe almost daily. Apart from three brand new bills announced last week, the latest news to come from Malta is equally as exciting. Malta-based Founders Bank is joining their blockchain ecosystem and will deliver fintech solutions to bridge traditional banking and crypto.
Decentralized Banking Solutions
Founders Bank will hold an Equity Token Offering to allow all investors to become co-owners of the bank. This is a first since clients will be able to have their say in the solutions being developed, which include blockchain-style governance using smart contracts. Founders Bank will also be the first community-owned bank which could be a sign of what’s to come from the banking industry in the future.
The bank will initially serve high-tech and crypto businesses allowing users to access accounts from mobile devices as well as desktops.
“We’re proud to announce our progressive banking solutions tailored for the needs of decentralized companies,” said Michael Bianchi, Chairman, and Co-founder.
And though the Equity Token Offering is slated for next year (after the bank acquires its license from Malta), any individual can become a co-owner of the bank.
“Yet again Malta proves to be the ultimate destination for innovative companies changing the world for better,” enthused Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta. “We welcome Founders Bank with the utmost excitement.”
In Closing
Malta’s growing Blockchain ecosystem is rapidly becoming known throughout the crypto community. Several large blockchain companies and exchanges have moved there, including BitBay and Binance. And in fact, Binance has announced that they will be among other major investors in the Founders Bank once the ETO is held.
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