Parliamentary secretary Silvio Schembri (left) shares a drink with Binance CEO Changpeng Zhao (centre)

It’s only been a week since Malta enacted laws to regulate the blockchain industry, and plans have already been confirmed to set up the world’s first decentralised bank on the island.

The bank, which will be called Founders Bank, is the brainchild of crypto-trading giant Binance – which is set to relocate to Malta. As per the plan, the bank will not belong to a single person, corporation or entity but will be owned by crypto-traders who invest in the bank’s token-based equity.

The equity token will be conducted by blockchain-based fundraising platform Neufund – which also plans to open an office in Malta – under German regulation in collaboration with a European stock exchange later on this year.

Founders Bank will be chaired by Michael Bianchi, a businessman from the Bianchi Group who used to be director of the Malta International Airport. Its board will include the government’s blockchain advisor Abdalla Kablan, as well as Martin Bruncko, Andre Eggart, Pavel Bodark, Sonal Kadcha, Paula Pandolfino and Jonathan Gowen.

Plans for the new bank as reported by the international press

“We are not only excited to be one of the first investors of this inclusive community for this pioneering initiative but also look forward to explore the full range of its banking services,” Binance CEO Changpeng Zhao said. “We continue to be delighted by the vibrant blockchain opportunities in Malta and look forward to launching more partnerships in the region.”

“Founders Bank is the missing piece of #BlockchainIsland on Malta,” Michael Bianchi commented. “We are proud to announce our progressive banking solutions tailored for the needs of decentralised companies, with already existing support from the leaders of the blockchain industry, including Binance and Neufund. I am excited about the upcoming equity token offering when everyone will be able to become the co-owner of the company and shape the future of banking with us!”

Prime Minister Joseph Muscat addresses an ICO at the Malta Stock Exchange this week

The bank would first require a license from the Malta Financial Services Authority (MFSA) as well as approval from the European Central Bank, but it already has the backing of the Maltese government.

“Just a few days after enacting the three laws, the blockchain community in Malta is already implementing its projects for the creation of this new economic sector,” said parliamentary secretary for the digital economy Silvio Schembri. “We welcome Founders Bank with utmost excitement and hope that their fintech solutions will attract even more world class companies to our blockchain island and contribute to our ecosystem. We are honoured to be chosen as the location of the first global community-owned bank that cares deeply about transparency and regulation.”

What do you make of this plan?

READ NEXT: Maltese Blockchain Company Wants You To Buy Into A Cryptocurrency To Own A Small Part Of A Bank

Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]