Binance backs world’s first decentralised bank in Malta

It has invested $155 million (£101 million) in Founders Bank which gives it a 5% stake in the new blockchain-powered institution with tokenised ownership.

Per EU financial rules, Founders Bank investors will need to apply for a licence from regulators in Malta, which has become an international blockchain and crypto hub because of its robust and transparent regulations of the space.

“Malta is honoured to be chosen as the location of the first global community-owned bank,” says Silvio Schembri, junior minister of the Office of Prime Minister. Binance CEO Chanpeng Zhao comments: “Malta is the fusion ground for traditional and blockchain finance.”