The bank, founded by a direct descendant of the Medici family, will onboard 2-3 crypto businesses and one exchange.
The newly-launched, crypto-friendly, and historically-associated ‘Medici Bank’ is about to take on its first crypto clients, becoming the latest financial institution to address the desperate need for banking services in the cryptocurrency industry.
According to a report from CoinDesk, the bank will launch private beta testing of its digital onboarding process, web portals, and application programming interface with five international companies in October: according to CEO Ed Boyle, two or three of those companies will be crypto businesses, and at least one of them is a cryptocurrency exchange.
Boyle said that the bank opted to test its ability to serve clients in the cryptocurrency industry first in order to see if the banks’ infrastructure could accommodate high trade volumes. “Crypto companies are high-throughput types of clients,” Ed Boyle told CoinDesk. “If we can handle that, we can handle anything.”
Medici Bank will go into open beta later this year and plans to launch in 2020 with the goal of $1 billion in combined assets under management (AUM) within the following three years.
Notably, the Puerto-Rico based, digital asset-focused financial institution was founded earlier this year by Prince Lorenzo de’ Medici, a direct descendant of same Medici family that ran a powerful banking empire in 15th-century Italy.
”We fully expect our plans to adjust greatly after we get to market.”
Boyle said the bank’s goal is ultimately to have a pool of clientele split evenly between the fintech sector (including crypto), private wealth clients, and import-export companies; the bank is willing to have crypto businesses make up no more than two-thirds of its clientele.
However, “[we] don’t know when we’ll achieve something that looks like parity,” Boyle said to CoinDesk, adding a boxing-related metaphor: just as fighters have a plan until they get punched in the mouth and no battle plan survives first contact with the enemy, we fully expect our plans to adjust greatly after we get to market.”
Plans for data analysis, decentralization
Boyle also revealed that the bank is currently exploring relationships with third-party companies that would grant it with the ability to analyze Blockchain data: “it’s a heck of a lot easier to analyze a blockchain than it is to analyze a paycheck,” he explained. “In banking crypto-related companies, we don’t have to make assumptions, we just figure out what the wallet address is and analyze the history of that wallet address.”
Eventually, Boyle hopes that the bank can start the movement toward a global system of decentralized banking. According to CoinDesk, he is “in talks with digital banks around the globe about creating a network with multiple interoperable blockchains to facilitate instant sharing of know-your-customer information, identity transportability, real-time cross border Payments and account transfers.”
Boyle criticized what he sees as the modus operandi for traditional, centralized banks: “banks like to put up walled gardens and make it difficult for you to take your money elsewhere, we want to make it very easy for you to send your money elsewhere, whether it’s from one place to another or from one bank to another.”
A lack of banking services in the crypto industry could be a boon for banks that are willing to make the leap
No matter how many crypto-related clients Medici decides to accept, there will likely be crypto businesses lining up around the block for the chance at working with a US-registered bank.
As such, the glut of companies looking for a bank has created a golden opportunity for those that can be first to the post: “Big banks and small banks are often slow to get into newer markets given the regulatory limitations and obligations associated with new markets,” Sells told Finance Magnates. “This is an area we felt that we could build expertise in and that would help provide us with a competitive advantage.”
The newly-launched, crypto-friendly, and historically-associated ‘Medici Bank’ is about to take on its first crypto clients, becoming the latest financial institution to address the desperate need for banking services in the cryptocurrency industry.
According to a report from CoinDesk, the bank will launch private beta testing of its digital onboarding process, web portals, and application programming interface with five international companies in October: according to CEO Ed Boyle, two or three of those companies will be crypto businesses, and at least one of them is a cryptocurrency exchange.
Boyle said that the bank opted to test its ability to serve clients in the cryptocurrency industry first in order to see if the banks’ infrastructure could accommodate high trade volumes. “Crypto companies are high-throughput types of clients,” Ed Boyle told CoinDesk. “If we can handle that, we can handle anything.”
Medici Bank will go into open beta later this year and plans to launch in 2020 with the goal of $1 billion in combined assets under management (AUM) within the following three years.
Notably, the Puerto-Rico based, digital asset-focused financial institution was founded earlier this year by Prince Lorenzo de’ Medici, a direct descendant of same Medici family that ran a powerful banking empire in 15th-century Italy.
”We fully expect our plans to adjust greatly after we get to market.”
Boyle said the bank’s goal is ultimately to have a pool of clientele split evenly between the fintech sector (including crypto), private wealth clients, and import-export companies; the bank is willing to have crypto businesses make up no more than two-thirds of its clientele.
However, “[we] don’t know when we’ll achieve something that looks like parity,” Boyle said to CoinDesk, adding a boxing-related metaphor: just as fighters have a plan until they get punched in the mouth and no battle plan survives first contact with the enemy, we fully expect our plans to adjust greatly after we get to market.”
Plans for data analysis, decentralization
Boyle also revealed that the bank is currently exploring relationships with third-party companies that would grant it with the ability to analyze Blockchain data: “it’s a heck of a lot easier to analyze a blockchain than it is to analyze a paycheck,” he explained. “In banking crypto-related companies, we don’t have to make assumptions, we just figure out what the wallet address is and analyze the history of that wallet address.”
Eventually, Boyle hopes that the bank can start the movement toward a global system of decentralized banking. According to CoinDesk, he is “in talks with digital banks around the globe about creating a network with multiple interoperable blockchains to facilitate instant sharing of know-your-customer information, identity transportability, real-time cross border Payments and account transfers.”
Boyle criticized what he sees as the modus operandi for traditional, centralized banks: “banks like to put up walled gardens and make it difficult for you to take your money elsewhere, we want to make it very easy for you to send your money elsewhere, whether it’s from one place to another or from one bank to another.”
A lack of banking services in the crypto industry could be a boon for banks that are willing to make the leap
No matter how many crypto-related clients Medici decides to accept, there will likely be crypto businesses lining up around the block for the chance at working with a US-registered bank.
As such, the glut of companies looking for a bank has created a golden opportunity for those that can be first to the post: “Big banks and small banks are often slow to get into newer markets given the regulatory limitations and obligations associated with new markets,” Sells told Finance Magnates. “This is an area we felt that we could build expertise in and that would help provide us with a competitive advantage.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔