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‘Blockchain island’ is getting a cryptocurrency bank

Malta is getting a bank that’ll actively do business with the cryptocurrency industry.

Few countries have been as welcoming to cryptocurrency as the island of Malta, which earlier this year played host once again to a major crypto conference, attracting big names in the marketplace from around the world.

But one problem that’s been faced by cryptocurrency firms globally – and in Malta too – is an increasing reluctance from the traditional fiat banking industry to do business with them, and provide banking services.

In Malta, though, a solution is on the way. Malta is about to get a brand new bank, that’ll offer those cryptocurrency services that others haven’t been doing.

It’s being backed by OK Blockchain Capital Limited, who is investing in RnF Finance Limited. It’s the latter that’s put in an application to the Malta Financial Services Authority for credit institution permissions.

RnF boss Roderick Psaila told CCN that “we are targeting big corporates and private clients and the mentality would be that no industries are vetoed beforehand but each application will be treated on a case by case basis”.

The bank is set to use blockchain technology heavily, and will treat cryptocurrency exchanges and their ilk in the same way as other business. Thus providing them with some proper banking support.

The bank and its operations are set to be up and running in Malta by the middle of 2019, once the last few legal hurdles have been cleared. That should, by the sounds of it, be a formality for the new initiative.

Image: BigStock

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