New Bank in Puerto Rico joins the crypto ecosystem

The news portal specialized in bitcoins and digital currencies Coindesk reported this Thursday that the new bank called Medici Bank, based in Puerto Rico will test the digital incorporation procedures, the application programming interface and the portals website with five global companies, two or three of which represent crypto companies.

Ed Boyle, executive director of Medici Bank, reported that these companies are expected to demonstrate the bank’s ability to adapt to operating volumes. According to the report, Boyle noted the nature of the high performance of crypto-related companies, revealing that the bank’s plans have up to a third or half of all its business represented by crypto customers.

Boyle highlighted the relevance of this bank by joining the list of approximately 10 crypto-friendly banking institutions in the world. At the end of the year, and early next year, it is estimated that it will go into open beta, with a restricted number of users on its platform, generating USD 1 billion in combined deposits and assets under management within three years.

Thinking about commerce and digital investment, the Medici Bank was launched by Prince Lorenzo de ‘Medici in May 2019, who aspires to have a clientele equally among Fintech companies, the import and export of companies and private wealth of the clients.

“But we do not know when we are going to achieve something that looks like parity … Just as the fighters have a plan until a punch in the mouth is achieved and no battle plan survives the first contact with the enemy, we are totally waiting that our plans to adjust long after reaching the market,” said Boyle.

K.Villarroel

Source: cointelegraph