Medici Bank

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Medici Bank
514px-augmented arms of medici.jpg
Founded 2019
Headquarters Puerto Rico
Key People Prince Lorenzo de’ Medici, Founder; Ed Boyle, Co-founder, CEO
Products Banking services, including digital asset banking
Website Medici Bank Homepage

Medici Bank is a DeFi and fintech-focused bank that is scheduled to launch in Q4 2019. The bank is based in Puerto Rico, and was founded by Prince Lorenzo de' Medici, a descendent of the famous Italian merchant family of the same name.[1][2]

Overview

Medici Bank strongly emphasizes digital financial services, including those involving cryptocurrency and distributed ledger technology. The company's web site states that part of its philosophy is, "If we cannot do it digitally, we just won't do it."[3] Though the bank will offer its services to customers seeking both traditional and cryptocurrency services, the bank's CEO Ed Boyle has said that customers will be required to follow due diligence and KYC processes. Boyle also said the bank will not necessarily apply for FDIC protection; he said the decision on whether or not it will do so will depend on how its eventual launch goes.[4][5]

Bank blockchain

The bank plans to go into closed beta (a test run for a small, specific group of people) in October 2019. Running up to then, de' Medici told Coindesk that the bank is working with unnamed blockchain development companies to enable Medici Bank's API to analyze blockchain data for KYC and AML processes. The bank is also reportedly working with a number of banks and financial institutions to create a global, blockchain-based banking network in which each bank would serve as a node for the network.[6]

The bank will not totally rely on a blockchain network; it will also use SWIFT and automated clearing house technology to offer services to its customers.[7]

Key People

  • Prince Lorenzo de’ Medici - Founder
  • Ed Boyle - Co-founder, CEO

References