Puerto Rican New Medici Bank Launches Cryptocurrency Business

New Medici Bank, created in Puerto Rico by a descendant of the famous Medici dynasty, launches closed beta testing in October with the participation of five companies from around the world.

Of these, two or three are cryptocurrency companies and at least one cryptocurrency exchange, said Ed Boyle, CEO and co-founder of the bank. The purpose of testing is to understand whether the bank’s systems can scale to work with large volumes of trade.

“Cryptocurrency companies are customers with high bandwidth requirements,” Ed Boyle said. “If we can handle this, we can handle anything.”

Most banks do not want to serve the cryptocurrency sector, because the money laundering risks make compliance with the rules too expensive compared to the estimated income. On the whole planet, according to Boyle, there are less than 10 safe banks working with the cryptocurrency business. These include Silvergate in California, Signature, Metropolitan Commercial and Quontic Bank in New York. Also, cryptocurrency clients are served by Fidor Bank in Germany, whose operations in the USA were controlled by Boyle.

Medici Bank plans to switch to an open beta with a limited number of users by the end of the year and fully launch in the first quarter of next year. Over the next three years, the institution wants to combine up to a billion dollars under its management. They try to distribute the clientele evenly between fintech companies (including cryptocurrency), importers / exporters and private clients, but it is still unknown whether it will be possible to achieve a similar parity between these sectors.

Read This Now: Listia raised 15 mil. dollars with its ICO XNK.

Now New Medici Bank has only six employees, by the end of 2020 there will be at least fifty of them according to the plan, since the goals are quite ambitious. The founder of the bank, a thirty-two-year-old descendant of the Medici dynasty, speaks of the decentralization of all banking.