Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty, launches private beta testing in October.
Medici Bank will be piloting digital onboarding procedures, application programming interface and web portals with five global firms, two or three of which represent crypto businesses, Coindesk reports Sept. 26.
Medici Bank CEO Ed Boyle elaborated that those firms are expected to demonstrate the bank’s ability to scale to accommodate trading volumes. According to the report, Boyle pointed out the high-performance nature of crypto-related companies, revealing that the bank’s plans have up to a third or half of its entire business be represented by crypto clients.
According to Boyle, Medici Bank joins the shortlist of fewer than 10 crypto-friendly banks around the globe. The bank expects its full launch in Q1 2020, targeting $1 billion in total deposits and assets under management within three years, the report notes. Registered as an International Financial Entity by Puerto Rico’s Office of the Commission of Financial Institution also plans to grow its staff from current six employees to 100 by the end of 2021.
Analyzing blockchain data
Additionally, Medici Bank is reportedly working with unspecified third-party firms to develop tools for analyzing blockchain data by Medici Bank. According to Boyle, such tools will help the bank to improve efficiency of records by shifting from traditional instruments such as paper paychecks.
Focused on digital-centric commerce and investing, Medici Bank was launched by Prince Lorenzo de’ Medici in May 2019.