A descendent of the famed Renaissance banking family, the House of Medici, has launched a new bank in Puerto Rico with a pledge to accept business from cryptocurrency firms.
Medici Bank has been launched by Prince Lorenzo de’ Medici, and was “born out of frustration with the current financial services landscape.” According to the launch announcement this week, the bank will offer cheaper fees, faster services and greater transparency for its customers.
De Medici will assume the role of director, while the bank’s CEO will be Ed Boyle, formerly a senior executive at American Express and Fidor Bank.
While the bank is not primarily focusing on cryptocurrency business, it’s willingness to accept clients from the sector is seen as a boost for the sector. Medici Bank will also serve high net worth private clients and family offices, as well as other businesses.
Welcoming the launch of the bank, de Medici said the bank would continue the centuries-old family tradition of innovation, while providing a much-needed service for their clients. He noted:
“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.
“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.”
CEO Ed Boyle said the bank was planning to build its systems ‘from the ground up’, with a view to prioritising digital native businesses.
“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,” according to Boyle.
While the bank has obtained a license in Puerto Rico from the Office of the Commission of Financial Institutions, Boyle confirmed there were no plans to seek a Federal Deposit Insurance Corporation charter in the United States, described as “not highly relevant for corporate or family office customers with very large deposits.”
It comes at a time when banks globally are increasingly warming to cryptocurrency businesses, as the technology continues to gain traction towards mainstream adoption.
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