Malta is really becoming the go-to place for cryptocurrencies and blockchain technology. This is such a fact that the first decentralized bank of the world might be formed in this small country. The Bitcoin billionaire, Changpeng Zhao, which is the owner of Binance, the largest crypto exchange in the world, has recently told the media that he intends to create a bank in the country.
The Prime Minister of the tiny European island of Malta, Joseph Muscat, has recently told the media that he intended to turn the country into a place in which the blockchain industry could grow. According to the PM of the country, the goal is to support businesses and create a haven for blockchain projects.
Binance’s Owner New Bank Will Be Called Founders Bank
The bank will be created by Changpeng Zhao, but it will belong to a single corporation, entity or person. The bank will be owned in part by any person which decides to purchase a share of the bank via a token-based equity system. The token sale to gather the funds to create the bank will be made on the Newfound platform.
While there are some regulatory issues that the country might have to face because it is still a part of the European Union, the PM believes that the project is viable and can be done despite the issues and will work to make the Founders Bank become a reality.
Muscat said in a recent speech that, while the concept of the bank might even sound somewhat confusing at this point, he is sure that it will form the base of a new economy in the near future and that, just as people value pieces of paper today, in the future people will use electronic storage systems to store value and Malta wants to be a part of that change.