A descendant of the famous Italian renaissance era ruling family, Prince Lorenzo de’ Medici, has revived the Medici bank 5 centuries later.
The Prince of the famous House of Medici is partnering with Ed Boyle to reestablish the bank that shaped the City of Florence in Italy.
In the partnership deal, Ed Boyle serves as the CEO because of his years of industry-relevant experience. Prince Lorenzo, on the other hand, serves as the director of the Medici bank.
Filling The Void From Traditional Financial Services
As revealed by the Director, Medici Bank is being reestablished because of the “frustration with the conventional financial services landscape”. The current industry offers opaque financial services which are slow and expensive.
During the announcement on Wednesday (May 8), Prince Lorenzo assured all future clients and the world at large that the Medici bank is going to proffer faster, cheaper, and transparent financial solutions for the digital economy.
For this regard, some of the targeted clients include Cryptocurrency firms that comply with KYC processes such as custodial services providers, Crypto exchanges, Digital currency venture firms, as well as conventional clients like family businesses.
Building Infrastructure From Scratch
The message from the CEO Ed Boyle reveals that the Medici bank’s infrastructure is not built as an overlay of the traditional banks that operate on aged infrastructure. It instead uses the challenger banking model that is unique in the United States.
On his part, the Director says that the bank’s infrastructure is reimaging the Medici bank of the 14th Century. The Florence-based bank is known to have introduced some banking concepts such as letters of credit, double entry bookkeeping, and holding companies that traditional banks use to date.
As a challenger to the banking industry and a disrupter of the status quo, the Medici bank is leveraging the digital technology to offer unique solutions that are relevant for today’s global markets.
The IFE Has Issued A License To Medici Bank
The Puerto Rico Office of the Commission of Financial Institutions has given the bank the International Financial Entity (IFE) license to commence operations.
Ed Boyle adds that the license is enough and there is no need to seek the US Federal Deposit Insurance Corporation (FDIC) accreditation as most clients will be family office customers and corporates with large portfolios.
The Partners Qualifications
Boyle, an MBA alumnus from the University of New York, has been previously a CEO of Blades Payments, GM and VP of American Express, and the MD of Fidor Bank’s Americas operations.
On his part, the Prince- an MBA alumnus from the University of Bologna- is an expert in wealth and investments management and he is interested in new technologies such as Blockchain. Further, Lorenzo De Medici is a shareholder in major European banks.
Medici Has Been Crypto-Focused
Prince Lorenzo has been supporting Cryptos before the launch of the Medici bank through Medici Ventures.
In September 2018, Medici Ventures invested in Bitsy-a platform that proffers Crypto-Fiat liquidity. The company then launched a Crypto wallet that allows users to buy, sell, send, and store Cryptos easily according to CEO Ann-Marie Hopkins.