Binance announced the creation of a fully decentralized Bank.
According to Bloomberg, is a leading cryptocurrency exchange States that it expects approval from the regulatory bodies of Malta. The Bank will work within the framework of the financial regulations of the European Union.
Founders Bank, based on the blockchain system that aims to be the first fully decentralized Bank, which is wholly owned by the community, subject to obtaining the necessary permits, of course.
In project financing in the initial phase involved Binance, and fundraising for Founders Bank will be conducted through the Neufund platform based on the blockchain, which will release a “legally sound tokens of the project”.
According to Binance, selling tokens “will be conducted in accordance with the German regulation in cooperation with one of the largest European exchanges at the end of this year.” Binance will receive a five percent share in the Bank along with other investors. The current preliminary estimate of the project is $ 155 million.
As you know, Malta is a sort of oasis from the point of view of regulation of cryptocurrency projects.
Binance emphasizes that the legislative framework creates “a favorable environment for companies blockchain and eliminates the uncertainty associated with the market of decentralized assets”.