Binance CEO, Chengpeng (CZ) praised Malta for its efforts in last three months and called it a potential hub for launching businesses built on traditional and blockchain finance. In another move, Binance CEO Changpeng Zhao (CZ) pleased Malta with announcing plans to launch a blockchain based new bank whose owners will be digital-coin investors, in Malta.
“Banking” on the future, Binance announces world’s first cryptocurrency bank
The brainchild of CZ, this bank would try to build a bridge between the digital token industry and traditional banking industry- a real-world scenario where both co-exist. Founders Bank would conduct its offering through the blockchain-based equity fundraising platform Neufund, issuing its own “legally-binding equity tokens.”
According to CZ the expected profit from this bank would be anywhere between $500 million to $1 billion in 2018.
The team appointed to look after this bank is fairly strong and experienced. The supervisory board and management of the company includes experienced entrepreneurs and industry experts with Mr Michael Bianchi serving as Chairman of the Board and Dr Abdalla Kablan, Martin Bruncko, André Eggert, Pavel Bodark, Sonal Kadchha, Paula Pandolfino and Jonathon Gowen with previous experience working in blue chip companies and institutions such as a Barclays, JP Morgan, Deutsche Bank, the European Commission, the World Bank, Deloitte and OECD.
Mr. Michael Bianchi, Chairman, and Co-founder at Founders Ban was quoted saying
“We’re proud to announce our progressive banking solutions tailored for the needs of decentralized companies, with already existing support from the leaders of the blockchain industry, including Binance and Neufund. I am excited about the upcoming equity token offering when everyone will be able to become the co-owner of the company and shape the future of banking with us!”
Changpeng Zhao, Founder & CEO at Binance also shared his views
“We are not only excited to be one of the first investors of this inclusive community for this pioneering initiative, but also look forward to exploring the full range of its banking services. We continue to be delighted by the vibrant blockchain opportunities in Malta and look forward to launching more partnerships in the region.”
The bank would need a license from regulators in Malta, a member of the European Union, and approval from the European Central Bank.
M for Malta- says CZ as Malta government befriends with Cryptos
Malta is a small European island, whose leaders are making every attempt to bring the country on the crypto world and use it as a reference country in legal regulations attracting investors in FinTech and related industries. As far as the regulations are considered, Malta has been proactive and efficient in its efforts to provide a legal framework for DLT. It had already floated consultation documents with respect to MDIA (Malta Digital Innovation Authority) Bill, Technology Arrangements and Service providers (TAS) Bill which all were passed by Maltese parliament making them as laws.
According to the national newspaper “The Malta Independent”, the country is determined to create a new agency called the Malta Digital Innovation Authority, which would not only regulate the subject matter of the cryptocurrency market but also promote suitable conditions to attract investors.
A noteworthy assurance that Malta is moving in the right direction regarding Distributed Ledger Technology (DLT) regulation was when Binance chose Malta for their new headquarters after the warnings received from Japan, China, and Hong Kong.
Not just himself, he had even supported Tron’s Justin Sun’s tweet where he had considered investing in Malta
— CZ (not giving crypto away) (@cz_binance) March 26, 2018
The government of Malta, in turn, announced that they welcomed with open arms the installation of a company like Binance.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Malta has truly made efforts towards becoming a “crypto island” and it has been awarded by Binance for the same. These developments are turning the worlds eye towards Malta which could turn the fortunes for the small country
Will Malta lead the race to become the most crypto friendly country defeating to the likes of France, Switzerland, and Japan? Do let us know your views on the same.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com