According to the official announcement, the largest crypto exchange by volume, Binance, is going to participate in the funding of the first decentralized bank Founders Banks, based in Malta. The location is well known for its friendly attitude towards cryptocurrencies. The famous crypto exchange has taken a 5 percent stake at a $155 million pre-money valuation. The aim of the company is to integrate modern technologies into banking services.
Binance has also announced its plans to enter the market of Uganda and start a crypto-fiat exchange there. The money is an abundance – Chief Executive Officer Changpeng Zhao stated that this year their platform expects to receive a profit of $500 million to $1 billion. Now, after getting a license from regulators in Malta, Binance is investing in Founders Bank.
Changpeng Zhao commented:
“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. We continue to be delighted by the vibrant blockchain opportunities in Malta, and look forward to launching more partnerships in the region.”
The launch of the bank is scheduled for the first half of 2019.