Binance CEO, Changpeng Zhao said last week that the company is expecting profit between $500 million to $1 billion. Founders Bank must seek a license from the Maltese authorities and approval from the European Central Bank. According to a report published on Bloomberg, the largest cryptocurrency exchange in the world, Binance is considering opening a bank in crypto-friendly Malta. However, the bank ownership comes with a slight twist in that it will be fully owned by the investors in the cryptocurrency industry. Malta has become the cryptocurrency haven in a world where many countries have no idea what to do with digital assets. Binance relocated most of its operations earlier in the year to Malta. The intended, Founders Bank will have its base in crypto-progressive Malta and Bloomberg reports that Binance has taken a five percent stake while other supporting investors have staked $155 million (pre-money valuation). The industry is yearning for a strong bridge to connect the crypto world with the trading financial sector. This explains why Binance is working hard to bridge this gap. The CEO of the exchange company, Changpeng Zhao had announced in the previous week that the company is expecting to record a profit of over $500 million to $1 billion this year. Binance is working together with various promoters to transform the Founders Bank startup to become the “world’s first decentralized and community-owned bank.” But first, the project must acquire the permits to run such a venture. The bank is going to raise capital by issuing blockchain-based equity tokens that are legally binding on a platform referred to as Neufund. Aside from the license to be issued by the Maltese authorities another approval from the European Central bank is needed to start operations. Commenting on the project, Silvio Schembri from the office of the Prime Minister in Malta said, “We are honored to be chosen as the location of the first global community-owned bank,” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US Dollar clinches tops above 95.00 ahead of data FX Street 5 years Binance CEO, Changpeng Zhao said last week that the company is expecting profit between $500 million to $1 billion. Founders Bank must seek a license from the Maltese authorities and approval from the European Central Bank. According to a report published on Bloomberg, the largest cryptocurrency exchange in the world, Binance is considering opening a bank in crypto-friendly Malta. However, the bank ownership comes with a slight twist in that it will be fully owned by the investors in the cryptocurrency industry. Malta has become the cryptocurrency haven in a world where many countries have no idea what to do… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
