Binance and Polychain Support Founders Bank, a Maltese Crypto Bank
Founders Bank, a Maltese bank focused on the cryptocurrency industry, has raised $ 10 million from investors such as Binance and Polychain Capital, CoinDesk writes. In the near future, the company expects to raise another $ 30 million, and already in 2020 to start providing its services.
Polychain President Joe Egan said that he made the decision to support Founders based on his own experience, after he could not find a banking partner in 2016. “Many projects in our portfolio are still experiencing problems with banking services. We need to attract users who are not yet familiar with Bitcoin. To do this, we must organize the necessary structure, launch institutional-level custody services and add support for banks, “he added..
Binance CEO Changpeng Zhao said his company will become a Founders client as soon as it launches.
Initially, Founders planned to raise funding through the sale of equity tokens, but quickly rethought their approach due to the likely difficulties in the licensing process. In the longer term, they can return to these plans, but for now intends to focus their efforts on solutions for customer identification and anti-money laundering.
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