Crypto-Friendly Medici Bank to Start Taking on Clients Next Month

  • Crypto-friendly Medici Bank planning private beta launch in October.
  • Bank will hold an open beta later in the year before launching officially in Q1 2020.

The recently resurrected, crypto-friendly Medici Bank is set to take on new clients starting in October. 

Medici Bank Private Beta in October

According to a report by CoinDesk, the Puerto Rico-based bank will be launching a private beta for select clients next month. CEO Ed Boyle says the digital platform will be working to test its onboarding process, web portal and application interface with five international companies.

While Boyle did not reveal the specific names of the companies involved, he hinted that two to three will be crypto-based and at least one cryptocurrency exchange.

Boyle explained the bank’s founding was out of the need for financial services companies to address crypto-businesses directly,

Crypto companies are high-throughput types of clients. If we can handle that, we can handle anything.

He continued, 

There are [fewer] than 10 banks on the entire planet that are crypto-friendly.

Medici Bank is planning an open beta before the end of the year that will be restricted to a limited number of users. The bank is planning its official launch for Q1 2020 with the goal of having $1 billion in combined assets within the next three years. 

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