Notably, the latest organization will facilitate cryptocurrency companies and other more conventional customers like family businesses Lorenzo de’ Medici established the bank with Ed Boyle, former executive director of Americas at Fidor Bank and vice president and general manager of American Express’ prepaid card company.
Boyle now serves as Medici Bank’s CEO, while de’ Medici is the director Prince Lorenzo de’ Medici, a descendant of the famous resurgence-period Italian banking dynasty and president of the original Medici Bank, said he was encouraged by advances in blockchain technology to begin a fresh enterprise aimed at “creating seamless, electronic client experiences and expanding economic opportunities across worldwide economies.”
Boyle revealed that the financial institution acquired an International Financial Entity (IFE) licence from Puerto Rico’s Office of the Commission of Financial Institutions. He stated that the bank is not pursuing a US Federal Deposit Insurance Corporation (FDIC) charter since it is “not extremely applicable to corporate or household office clients with very big assets.”
Although Medici Bank is prepared to serve cryptocurrency firms that conform with due diligence and know-your-customer procedures, it is not the bank’s unique priority Boyle said.
De’ Medici said the following:
“The original Medici Bank of Florence, founded by my family in the 14th century, revolutionized the world’s economy. Many of their innovations that drove the development of international commerce — like holding companies, double-entry bookkeeping, and letters of credit — are still in use.”
Medici Bank stated it is a wholly licensed U.S. registered bank based in Puerto Rico. The bank’s CEO, Ed Boyle, clarified that the organization intends to prioritize digitally indigenous business requirements while attempting to remove the shortfalls and tension seen in more significant competitors.
He added:
“We are building Medici Bank from the ground up, not reliant on aged infrastructures nor as an overlay on traditional banks. This is uncommon, especially in the United States where licensed challenger bank options are few and far between.”
Regarding the use of latest technology, De’ Medici said
“The Medici Bank of today will be a reawakening of that innovative spirit; we are re-imagining modern-day banking by leveraging technology that creates seamless, digital customer experiences and expands financial opportunity across global markets.”
The initial Banco de’ Medici breakdown started in the early 1400s after Edward IV, England’s King, faced difficulties in repaying debts. However, the Medici dynasty began to seek impact in other domains, with four relatives serving as pope in the 1500s and early 1600s. The financial sector continues to evaluate blockchain technology.
Letter of credit transactions one of Medici Bank’s initiatives was lately recreated on blockchain consortium R3’s platform in a study involving more than 50 organizations. Last month, JPMorgan Chase revealed plans to introduce unique functionalites to its blockchain-powered Interbank Information Network, used by 220 banks worldwide.