Founders Bank, a crypto bank that has been invested in by Binance, has hired a former executive of Deutsche Bank, Kenan Altunis, as its CEO, Bloomberg reports. Altunis will begin his role as CEO in June.
The bank, which is headquartered in the crypto-friendly nation of Malta (also known as “blockchain island”), will focus on serving tech startups, assisting them in securing financial services which may be difficult with traditional banks. Bloomberg notes that the bank is applying for a license from the Malta Financial Services Authority, and plans to expand to Europe.
Founders Bank, in a blog post in July 2018, had said they expect to launch in the first half of 2019. The bank is such that market participants can become co-owners of Founders Bank, and implements “blockchain-style governance models based on smart contracts.”
At the time, Binance CEO Changpeng Zhao said,
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.