Puerto Rico’s Medici Bank Open to Bitcoin-Linked Businesses

Medici Bank, a new financial institution launched in Puerto Rico by Prince Lorenzo de’ Medici, a descendant of the House of Medici, a highly reputed Renaissance-era Italian family, has made it clear that it’s now offering faster, transparent and more cost-efficient services to clients as well as cryptocurrency-based firms, family offices, and others, according to reports on May 8, 2019.

New Medici Bank Has A Crypto-Friendly Stance

Medici Bank has been established by Lorenzo de’ Medici in collaboration with Ed Boyle, who previously served as managing director of Americas at Fidor Bank.

Notably, Boyle is also a former vice president and general manager of American Express’ prepaid card business.

At current, Boyle plays the role of CEO at Medici Bank, while de’ Medici functions as the director of the crypto-friendly bank.

Commenting on the matter, de’ Medici reiterated that the initial Medici Bank established by his family in the 14th century, introduced numerous cutting-edge systems that changed the face of banking at the time and this new Medici Bank is determined to do even more.

In his words:

“The original Medici Bank of Florence, founded by my family in the 14th century, revolutionized the world’s economy. Many of their innovations that drove the development of international commerce like holding companies, double-entry bookkeeping, and letters of credit, are still being used today.”

He also noted that:

“The Medici Bank of today will be a reawakening of that innovative spirit; we are re-imagining modern-day banking by leveraging technology that creates seamless, digital customer experiences and expands financial opportunity across global markets.”

A New Era

Reportedly, the original Banco de’ Medici started collapsing in the late 14th century, when Edward IV, the then King of England failed to repay loans. Despite that ugly scenario at the time, the great Medici dynasty kept on having a significant influence in other realms, with four members of the family functioning as pope in the 15th and early 16th century.

With the renaissance now far behind us, the team has hinted that they plan to create a brand new system of banking from the ground up.

“We are developing Medici Bank from the ground up, not reliant on aged banking infrastructures nor as an overlay on traditional banks. This is uncommon, especially in the United States where licensed challenger bank options are few and far between.”

While distributed ledger technology (DLT) also known as blockchain technology is showing great promise in several sectors of the global economy, including supply chain, health, arts and entertainment, the nascent tech has also started making inroads into the financial ecosystem.

As reported by Bitcoin Exchange Guide one week ago, forward-thinking banks across the globe are now using now blockchain technology for various critical processes, including facilitating superfast cross-border payments, know-your-customer (KYC) and anti-money laundering (AML) operations, issuance of central bank digital currencies and more.

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