The world’s first decentralized blockchain-friendly bank is in the works.
The bank will bring together the crypto and traditional banking worlds, as proposed on their blog:
The equity fundraising on Neufund will comply with German regulation and will be in collaboration with one of Europe’s major stock exchanges. The offering is expected to happen later this year on Neufund’s platform.
Proposing a community-owned bank, Founders claims that it “will allow all market participants to become co-owners of Founders Bank.”
In addition to bridging crypto and traditional finance, one thing that really makes Founders Bank stand out is its proposed transparency and governance structure. By allowing everyone to be co-owners “it will allow our clients to decide on the development of the solutions they are using with blockchain-style governance model based on smart contracts.”
The bank will be focused on serving tech and crypto businesses as well as offering “top-tier banking solutions,” which include mobile and desktop web applications and credit cards issued by Founders Bank.
Estimated to launch in the first half of 2019, Founders Bank will be located in blockchain-friendly Malta, something the country is proud about as it pushes its image as #blockchainisland. The country’s Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri had this to say on Twitter:
I am delighted to see #BlockchainIsland companies collaborate. @binance just announced its support for community-owned @foundersbankorg which will provides progressive fintech solutions and soon its #STO on @neufundorg https://t.co/5LIiOuU3PP
— Silvio Schembri (@SilvioSchembri) July 12, 2018