A foundation for decentralized bank is being developed under secrecy in small European islandic country called Malta. And the man behind the project is none other than bitcoin billionaire Zhao Changpeng, CEO of binance. Binance have placed their foot on Malta soil this year and now they are planning to develop a bank called founders bank which will be quite different than other banks as no any central company will hold full ownership of the bank. Rather it will be owned in part by anyone who will invest in equity based token called neufund.
Also this move was considered as positive development by Joseph Muscat, prime minister of Malta.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
The concept sounds confusing right now, but I have no doubt that it will form the base of a new economy in the future,” Muscat said in a recent speech. Still there is some regulatory difficulty for such bank to get established because Malta also lies under Euro zone but this initiation can be considered as major breakthrough for block chain based economy.