Binance and Polychain are funding a crypto-friendly bank in Malta
Founders Bank in Malta, scheduled to open in 2020, is a crypto-friendly bank that raised $10 million so far and is looking to raise $30 million more in the near future, reports CoinDesk's Leigh Cuen. Malta-native and co-founder Paula Pandolfino told CoinDesk:
“Crypto will take over the world, and we need full banking services. We want to be that pillar of banking for the ecosystem to support how it gets done. If anything, [we’re learning] how to wean off traditional banking and getting crypto to be that platform.”
Two of the banks leading investors are Binance, the largest crypto exchange by volume, and Polychain Capital, a crypto hedge fund. In a press statement, Binance CEO Changpeng Zhao said his company will be one of the bank’s first clients as soon as it opens.
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