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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