The world’s largest crypto exchange Binance plans to back the creation of the first blokchain-based bank in Malta. Currently, the crypto exchange is waiting for an approval from the Maltese financial regulator.
The bank will be working within financial laws and regulations of the European Union and will become the first completely decentralized, crypto community-owned financial institution.
The first stage of the project entitled “Founders Bank” will be backed by Binance, and funds will be raised using blockchain-based equity fundraising platform Neufund that will be responsible for issue of tokens. Tokens will be sold in partnership with one of the largest European exchanges pursuant to German regulations at the end of 2018. Currently, the project cost is estimated at $155 m.