Founders Bank supported and backed up by Binance

founders bank

Founders Bank, world’s first decentralized bank, has been backed up by the world’s largest bitcoin-exchange Binance which became one of the investors.

The cryptocurrency exchange, whose profit as of the end of 2018 may amount to $1 billion, invested a 5% stake in the bank with a pre-investment estimate of €133 million ($155 million).

The launch of the large-scale project will take place after Founders Bank receives permission from the regulatory authorities of Malta and the EU members for their activities. After that, the institution will receive the status of the world’s first decentralized bank.

It is known that Founders Bank systems will be built on blockchain technology. After receiving funding through the fundraising platform Neufund, the institution will issue its own shares, which have legal force.

Representatives of Binance said that the sale of the bank’s shares will go through the rules of regulation of Germany in cooperation with one of the largest stock exchanges in Europe.

“We are proud that Malta will have the first bank owned by the global community, ” said Secretary of the country’s parliament on digital innovation and finance Silvio Schembri.