{"id":56647,"date":"2021-03-19T16:35:09","date_gmt":"2021-03-19T20:35:09","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=56647"},"modified":"2021-03-19T16:35:09","modified_gmt":"2021-03-19T20:35:09","slug":"now-the-medici-banking-family-is-getting-into-crypto","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=56647","title":{"rendered":"Now the Medici Banking Family is getting into crypto"},"content":{"rendered":"

There\u2019s a New Medici Bank After 500 Years, And This Time It\u2019s Crypto-Friendly<\/h1>\n

<\/p>\n

Prince Lorenzo de\u2019 Medici \u2013 a descendant of the famed Renaissance-era Italian banking family, the House of Medici \u2013 has opened a bank in Puerto Rico.<\/h2>\n

\"\"<\/p>\n

Yogita Khatri
\ncoindesk<\/p>\n

Medici Bank, \u201cborn out of frustration with the current financial services landscape,\u201d aims to offer faster, cheaper and more transparent services, according to an announcement Wednesday. Notably, the new institution will serve cryptocurrency firms, as well as other more traditional clients such as family offices.<\/p>\n

Lorenzo de\u2019 Medici founded the bank alongside Ed Boyle, who was previously managing director of Americas at Fidor Bank and vice president and general manager of American Express\u2019 prepaid card business before that. Boyle is now serving as the CEO of Medici Bank, while de\u2019 Medici takes the role of director.<\/p>\n

Speaking to CoinDesk, Boyle said the bank has obtained an International Financial Entity (IFE) license from Puerto Rico\u2019s Office of the Commission of Financial Institutions. He added that the bank is not seeking a Federal Deposit Insurance Corporation (FDIC) charter in the U.S. since that is \u201cnot highly relevant for corporate or family office customers with very large deposits.\u201d<\/p>\n

Although Medici Bank is willing to serve cryptocurrency businesses that comply with due diligence and know-your-customer processes, it is not an exclusive focus of the bank, according to Boyle.<\/p>\n

De\u2019 Medici said in the announcement:<\/p>\n

\u201cThe original Medici Bank of Florence, founded by my family in the 14th century, revolutionized the world\u2019s economy. Many of their innovations that drove the development of international commerce \u2014 like holding companies, double-entry bookkeeping, and letters of credit \u2014 are still in use.\u201d<\/p>\n

\u201cThe Medici Bank of today will be a reawakening of that innovative spirit; we are re-imagining modern-day banking by leveraging technology that creates seamless, digital customer experiences and expands financial opportunity across global markets,\u201d he added.<\/p>\n

Medici villa image via Shutterstock<\/p>\n

___
\nhttps:\/\/www.coindesk.com\/medici-bank-is-back-after-500-years-and-this-time-its-crypto-friendly<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a New Medici Bank After 500 Years, And This Time It\u2019s Crypto-Friendly<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-56647","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56647"}],"version-history":[{"count":0,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56647\/revisions"}],"wp:attachment":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}