Founders Bank, a company that provides financial services to cryptocurrency based startups and companies in the Eurozone has snagged a former Deutsche Bank executive named Kenan Altunis to act as CEO of the crypto bank.
Blockchain island is the place to be
They are owned partly by Binance and based in Malta, and the bank looks to service the growing fintech market in the European Union. Companies and startups that deal with cryptocurrency and blockchain applications have regularly had trouble when dealing with traditional banks (and service delivery was a non-starter at many times).
The bank is currently looking to obtain a license from the Malta Financial Services Authority, which would allow it to offer services all across the European Union. This is precisely the type of company that Malta was probably looking to bring to its shores when it promulgated its new blockchain and cryptocurrency friendly laws.
However, other countries are not lagging behind, and the French behemoth has woken up as it passed new crypto and blockchain friendly laws to boot.
It will be exciting to see how much this does for the blockchain scene in the European Union, now that Estonia and France are all pushing the technology forward and actively encouraging companies to open in their jurisdictions through the EU has not come together to make a common framework for blockchain and crypto. But as things stand, looks like the competition within the federation has seen it become a powerhouse in blockchain to rival some major Asian countries.
Key appointment to serve as a kickstart
The selection of Altunis is seen as a bold move of Founders Bank by many in the industry to stamp their authority on the market. Since Founders Bank will mainly be working with companies, the appointment of Altunis makes more sense than someone who has general banking experience
He was the co-head of the institutional client group with Deutsche Bank’s corporate and investment division. He boasts direct contact with both institutional clients (the target demographic) and with regulators. The connections he has with regulators will help smooth things over considering the roadblocks crypto has faced so far.
During his previous job, he directly led a team of more than 1000 people, so moving into a more agile environment will more likely be a learning curve for the former Deutsche Bank executive. He reportedly left his previous post due to losing his seat on the executive committee.
Deutsche Bank’s Head of Corporate & Investment Bank Garth Ritchie restructured the entire division and reduced the number of senior executives leading to Altunis’ decision to join another company. All that said, it seems that Founder’s Bank has chosen the right man to lead them into the future.
He will be starting in June, and many in Europe are anxious to see how Founder’s Bank will help boost Europe’s innovativeness on the world stage. Let’s not forget one thing, financing for startups is what created the internet boom and it was mainly concentrated in Silicon Valley. If Europe and Asia can get a well enough lead with this round of innovation, then the world could change as we know it.
Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.