Funding a Malta-based Crypto Bank by Binance and Polychain

Funding a Malta-based Crypto Bank by Binance and Polychain

A bank in Malta is going to be opened in 2020 where as a co-founder Malta-native Paula Pandolfino, who made an investment to bitcoin in 2016, will be seen. It is expected by top ranked analysts and personalities that one day crypto will dominate over financial transaction and that’s why it deserves full banking services.

The above mentioned bank, having major investors like Binance and the hedge fund Polychain Capital as well as the Czech firm Carduus Asset Management, doesn’t want to miss the chance and they dream about being the pillar in that space. They want to get digitalized giving less importance to traditional banking system.

According to their goal, they are willing to raise $30 million where $10 million has already been done indeed. Many industries around the globe are serving crypto industry. Personal experience inspired the president of Polychain, Joe Eagan, to invest to this banking system.

According to the president they are in deficit of providers open to crypto projects and have rigidity accessing banking partners. He thinks by adding institutional custody as well as banking support as institutionalization of rails and structure, they can inseminate new users of bitcoin.

Pandolfino is busy in learning from their investors regarding products and services and she desperately waiting for the banking license from European Union. In gathering knowledge and solving problems, Binance as seed investors is helping them as the exchange has been in the space for a long time.

With an eye to issuing license, EU wants to have board members experienced of a decade in traditional finance.

Occupied lessons

Founders Bank has taken an initiative to raise capital through equity tokens and after some while the canceled this planning to avoid sophistications meanwhile the licensing process. But in far future they want to pursue consequential ways to work with tokens but it will take more than one year. Alongside European Gateway has been developed for consequential innovation in the crypto-space.

The Founders Bank wants to establish Know-your-customer and anti-money-laundering platform. In the case of serving crypto companies, the German bank will have first-mover advantage is the belief of Derek Capo, founder of TokenPay. The bank aims at business-to-customer services and they have corporate crypto clients.

They think the regulation will make their industry more successful in future and there are lacking of crypto banks to worry about any single player dominating the regional market.

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