Changpeng Zhao, the bitcoin billionaire behind Binance, is backing plans for the world's first decentralised bank, which will be based in Malta.
Binance is the world's largest cryptocurrency exchange, which announced that it was moving to Malta in March.
According to reports from Bloomberg, the exchange has teamed up with Malta’s government for the decentralised, community-owned bank, with the government already investing in a 5 per cent stake in the bank.
The bank, called Founders Bank, will be unique in that it won't belong to a single corporation, individual, or entity.
Instead, it will be owned in part by anyone who purchases a portion of its token-based equity.
Fundraising for the project will take place on the blockchain equity platform, Neufund, which also recently announced that it would be setting up shop in Malta.