Medici Bank’s Origins and Aspirations
Born out of a historical lineage, Medici Bank in Puerto Rico has an intriguing backstory—founded by a direct descendant of the illustrious Italian Medici dynasty. In May 2019, Prince Lorenzo de’ Medici stepped into the modern banking arena with dreams of blending traditional finance with cutting-edge technology. The upcoming private beta testing in October is a significant leap in this vision, targeting various aspects of digital banking.
Pioneering Digital Onboarding
In a move that can only be described as forward-thinking, Medici Bank is set to pilot digital onboarding procedures, application programming interfaces (APIs), and user-friendly web portals in collaboration with five global firms. Interestingly, two to three of these firms are reportedly tied to the cryptocurrency sector. This is not just a simple beta experiment; it’s a clear signal that Medici Bank understands the future of finance is digital and decentralized.
The Crypto Client Focus
CEO Ed Boyle revealed that the expectation for cryptocurrency clients is robust, with projections indicating that crypto-related business could represent up to half of Medici Bank’s entire portfolio. With the high-stakes, high-performance nature of the crypto market, Boyle’s strategic vision places Medici Bank amongst a small group of less than 10 crypto-friendly banks worldwide. It’s like being part of an elite club where the password is volatility.
Ambitious Growth Targets
Medici Bank has ambitious plans for the coming years. Mattresses stuffed with cash are so passé; they’re shooting for $1 billion in total deposits and assets within three years post-launch. They’re looking at a full launch in Q1 2020, which just serves to ratchet up the anticipation. Moreover, staff expansion plans are equally grand—from six employees today to a bustling 100 by the end of 2021.
Harnessing Blockchain Data
The bank’s commitment to innovation doesn’t stop at crypto clients. They’re also working with third-party firms to develop tools aimed at analyzing blockchain data. In a world where efficiency reigns supreme, discarding paper checks for digital alternatives is a smart move. Boyle asserts that these tools will greatly enhance record-keeping and operational efficiency, proving that Medici Bank isn’t just watching the blockchain revolution; they plan to ride its wave to the top.
A Vision for Digital-Centric Commerce
At its core, Medici Bank embodies a vision for the future of commerce and investing that is rooted deeply in technology. By championing a culture of innovation, the bank aims to carve out a significant niche within the financial services landscape, providing an inclusive platform for crypto enthusiasts and digital commerce consumers alike.
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