A Bitcoin Billionaire Wants to Make First Decentralised Bank on a Tiny Island

Plans for the world's first decentralised bank are taking root in Malta.

According to Bloomberg, the project is backed by the bitcoin billionaire Changpeng Zhao's cryptocurrency exchange, Binance.

Binance, that uprooted its operations to the little European island of Malta earlier this year, has been warmly welcome by the country's prime minister, Joseph Muscat.

In March, Muscat tweeted that he had high hopes for his country's role within the blockchain industry:

"We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies," Muscat wrote.

The bank, called Founders Bank, will be distinctive in that it will not belong to a single corporation, person, or entity. Instead, it'll be owned  in part by anyone who purchases some of its token-based equity.

Fundraising for the project will happen on the blockchain equity platform Neufund.

There are still some regulatory issues that Malta, a country belonging to the european Union, will need to face, however Muscat appears mostly optimistic regarding the project's viability.

"The concept sounds confusing right now, but I have no doubt that it'll form the base of a new economy in the future," Muscat aforesaid in a recent speech.

"Just as we attribute value to pieces of paper, so too will future generations attribute value to electronic storage systems."

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