Medici bank, founded by Lorenzo de’ Medici of the Renaissance era banking family is planning to launch its private beta earlier in October, though with a restricted number of users. The first half of 2020 will fully launch it. Ed Boyle, the CEO of Medici Bank, announced at a press meet, that the bank will soon be joining the list of financial institutions that welcome crypto companies.
At present Medici Bank operates with 6 employees but it is confident to raise the number to 20 by the end of 2019, and 100 by the end of 2021. The Puerto Rico based bank will first test the digital onboard process, the web portal along with the applications, with 5 companies across the world, before embracing the new crypto companies. Among these, 2 or 3 of those listed companies will be crypto businesses, and at least one of the companies should be a crypto exchange. This will be done to test, whether the bank’s systems can accommodate the huge trading volumes associated with cryptocurrencies.
Ed Boyle, CEO of Medici, said. “If we can handle that, we can handle anything.” Medici aims to embrace new crypto clients from fintech companies, private wealth clients as well as from import-export companies. Medici bank is making arrangements to allow small digital banks to work around larger institutions. Most banks are wary of serving the small sector, because of the risk associated with money laundering, that makes it more complicated in complying with the revenue generated by the account. There are less than 10 banks in the whole world that are crypto-friendly. Medici bank aims to cash this opportunity by making the adoption of cryptocurrencies easier for investors.
Welcoming the launch of crypto assets, de Medici confirmed to continue the tradition of the innovation, which was started by the family centuries ago. He assured that the present Medici Bank, will awaken that innovative spirit and provide digital customer experiences in a better way.