First Decentralized Bank in Malta
A new project targeted towards chaining traditional bank systems and cryptocurrencies has been initiated by Binance. The investors are already launching a fundraising campaign that will follow the German law.
Binance seeking opportunities
Binance is the world’s biggest crypto exchange by trade volume. They are seeking support from other investors in order to launch a decentralized bank owned by the community. They have already taken a pre-money valuation of 5% stake at $155 million.
This would become the first institution to chain the crypto industry with traditional banking.
Progress in response to pressure
The crypto industry has been recently hit by intense regulatory pressure in Japan, South Korea, and Hong Kong.
Binance has taken the opportunity in their hands trying to fix this after their CEO, Changpeng Zhao, announced that their platform might accumulate a net profit up to $1billion in this year.
However, Binance is not the only exchange that came up with this location. Polish exchange Bitbay, and one of the major Chinese exchanges, Okex, have both revealed that they will be acting inside the country.
Malta and the crypto community
The authorities in Malta have greeted the idea of welcoming crypto-backed institutions. In this year they have adopted many rules that will ease the growth of the crypto industry. It has become one of the main competitors alongside Switzerland, that would host many projects backed by the crypto community.