Binance supports the launch of a crypto bank in Malta by 2020


Multiple sources from the crypto space talk about the future launch of a cryptocurrency bank in Malta by 2020 with financial support from Binance exchange, Polychain Capital hedge fund and Carduus Asset Management, a firm from the Czech Republic.
One of the best sources for this information is Paula Pandolfino, a Maltese banker involved in the crypto phenomenon and one of the co-founders of the future crypto bank that will open gates in Malta the following year.
Paula announced in an interview that she considers cryptocurrencies to have an important part in the banking sector in the future and that financial institutions should start adapting to this reality.
Many may ask, why do we need a crypto-focused bank since Bitcoin and cryptocurrencies should replace banks? In an attempt to reply at such a question, Paula considers that the future crypto bank should assist both average users and businesses to make the transition to the digital environment while accessing a new class of investment products.
As we mentioned earlier, the crypto bank has received the support of several large players from the blockchain industry – including Binance – who invested around $10 million until now and are expected to contribute with an additional $30 million in the following period.
When asked about the future banking enterprise, Binance CEO commented by saying that the major crypto exchange is not planning to remain a simple investor but is looking to become the first client of the crypto bank based in Malta.
Though things are now moving and the bank would have no problem in launching somewhere in 2020, we have to emphasize that a banking license from the European Central Bank is still necessary before offering crypto-based products and services into the European Union.
Other obstacles may be raised before the launch itself occurs. For instance, the European Union demands at least 10 years of experience in the banking sector before launching a bank and offering any type of service.
The entire crypto market is indeed very much looking to find out if the Maltese crypto bank will receive a banking license in Europe as this would represent a significant advance for the crypto space.

Leave a Reply

Your email address will not be published. Required fields are marked *