Founders Bank must seek a license from the Maltese authorities and approval from the European Central Bank.
The intended, Founders Bank will have its base in crypto-progressive Malta and Bloomberg reports that Binance has taken a five percent stake while other supporting investors have staked $155 million (pre-money valuation).
The CEO of the exchange company, Changpeng Zhao had announced in the previous week that the company is expecting to record a profit of over $500 million to $1 billion this year.
Commenting on the project, Silvio Schembri from the office of the Prime Minister in Malta said, “We are honored to be chosen as the location of the first global community-owned bank,”
