Published on July 12th, 2018 | by bitcoin0
Malta: Crypto Exchange Binance Supports Plans to Design Initial Unique Bank
The world’s second largest crypto exchange, Binance, is backing plans to create a blockchain-based bank with tokenized ownership, Bloomberg reports today, July 12.
The future “Founders Bank” would be owned by digital token investors and be based in Malta, known for its robust and transparent crypto regulatory climate.
According to Bloomberg, Binance has already invested in a 5 percent stake, along with other anchor investors, at a $155 million pre-money valuation.
Binance first announced it was relocating its headquarters to Malta in March, last month revealing that the exchange had already set up a bank account on the island.
According to CoinMarketCap, as the second largest exchange globally, Binance has seen $923.3 million in trades over the past 24 hours to press time.