Medici Bank of Puerto Rico is conducting a private beta test in the month of October. The bank and five companies worldwide will test the digital onboarding process, web portals and application programming interface.
Out of five, two or three firms will be related to crypto businesses and minimal one will be a crypto exchange platform. All these crypto sectors can observe whether the bank can assist in the crypto trading volumes or not. The bank will conduct a beta with limited users at the end of this year. It is planning to fully launch it in the year 2020. Within three years duration, the bank aims of around $1 billion in combined deposits and assets.
The bank intends to take on at least half of its clients from the crypto businesses. However, the bank’s resources are a constraint for banking the crypto firms. Medici bank is now employing only six people and is planning to extend it to 100 within 2021. Also, it is planning to leverage blockchain in the near future. Many banks do not favor crypto because of risks like money laundering. There are only a few banks in the whole world that supports crypto entirely.
Recently, the Swiss Arab Bank launched a full range of solutions for digital assets. It has become one of the first banks in Europe and on the Place de Genève to offer such services, the source states.