Binance is backing the world’s first decentralised bank
On July 4th, the Maltese government unanimously passed the 3rd reading of three blockchain regulations. Many blockchain companies saw an opportunity to relocate on the Blockchain island including, Binance.
In a report issued by Bloomberg, stated that Binance is backing a project, to build the first-ever decentralised bank in Malta. They stated that a 5% stake has been invested by both Binance and the Maltese government to make this decentralised, community-owned bank happen.
How will it work?
The name given to this decentralised bank is, Founders Bank. There will be no ownership of the bank, this includes any corporations, persons or entities. The only owners of the bank will be those who purchase a portion of its token-based equity.
The blockchain equity platform, Neufund will take care to fundraise this project.
In a recent speech, Joseph Muscat, Malta’s Prime Minister said that he is very optimistic about the viability of this project. He stated that “The concept sounds confusing right now, I have no doubt that it will form the base of a new economy in the future. Just as we attribute value to pieces of paper, so too will future generations attribute value to electronic storage systems.”
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Our client, chiliZ , announced that Binance is investing in their new tokenization platform which focuses on esports and other sports industries. chiliZ blockchain platform tokenises voting rights to their supporters of esports and other sports entities. This concept was inspired by the “Socios” crowd-management which Real Madrid and FC Barcelona came up with.
The video gaming industry is worth $110 billion, which is surprisingly bigger than the global film and music industry. It is expected that the video gaming space will adopt blockchain services thus accessed by more than 300mm esports fans. It is apparent that millennials, nowadays are knowledgeable and have a keen interest in virtual currencies and have experienced trading in digital assets. In fact, both blockchain technology and esports will reach millennials which are acquainted with both emerging technologies.
The chiliZ platform will start with esports teams and leagues. However, Binance and chiliZ will eventually work with the sports industry. They are also planning to develop a fan-driven token ecosystem for traditional sports teams, hence scaling the concept of “Socios” around the world.
Binance involvement with chiliZ is to provide the sharing of technical knowledge, innovation and creativity. Furthermore, this collaboration will help chiliZ delivering its platform globally.
Alexandre Dreyfus, chiliZ CEO stated that “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources. Enabling a more strategic partnership.”
While Binance CEO & Founder Changpeng Zhao added “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”
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