The world first community-owned crypto bank in Malta, backed by Binance

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Although Malta is facing some legal issues with the banking authorities, it still plans for the first community-owned and decentralized bank

According to Bloomberg, the world's largest cryptocurrency exchange platform, Binance, is planning to support a banking project which is owned by cryptocurrencies investors.

This platform will hold a 5% stake in the Founders Bank which initially was valued at $155 million. This bank will be established and operated in Malta, also known as the blockchain island. Many blockchain and digital currency startups have moved here recently, including Binance.

The efforts are being made to lay the groundwork for the e-banking industry by the CEO and Co-founder of Binance, Changpeng Zhao.

binance, malta, bank, exchange platform, blockchain, blockchain islandBinance and many other crypto investors in Malta want to develop the world first decentralized and community-owned bank. But first, this project needs to be approved and licensed by the government of Malta, a member of the European Union.

The offers will be made through a fundraising platform called Neufund which is based on blockchain technology. The process of opening a token sale will be governed by German law, and Founders Bank will collaborate with one of the largest stock exchanges in Europe by the end of 2018.

Earlier this week, European banking regulators have accused Malta of failing to manage the money laundering system in the country. According to a report from the European Banking Authority, the government agents, despite the evidence of irregularities, could not handle efficiently the case of Pilatus Bank (based in Iran). The owner and former president of Pilatus Bank, wanting to illegally transport $115 million from Venezuela to Iran-controlled companies,conducted several organized scams to avoid  Iran's sanctions.

Written by nami.today
 

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