There's a first for everything: Banks and Games - TheBit

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There’s a first for everything: Banks and Games

Is this the moment of truth?


The Bit

Binance is funding the world’s first decentralized, community-owned bank based out of Malta, of course.


The Bigger Picture

Malta’s population is most likely going to double soon. The so-called “Founders Bank” has received a total funding of $155 Million, with Binance providing a 5% stake of the total. Malta recently passed a series of bills to make their country extremely favorable to blockchain companies, but banking still brings complications due to know-your-customer and anti money laundering regulations. But maybe most significantly, the standards set by this bank will lay the ground rules for any and all subsequent cryptocurrency-based banks.


Will gaming lead blockchain adoption?


The Bit

The financial industry is the obvious front runner in blockchain and cryptocurrency development, but will users in the gaming industry bite first?


The Bigger Picture

Gaming is one industry that is often seen to be at the forefront of technology. Blockchain technology allows gamers to finally own what they accomplish in their games. When games integrate tokenization, users can bring their possessions to universal marketplaces to trade between different games. Fuel Games, who is backed by Coinbase, has launched the first totally blockchain based game – “Gods Unchained.” The game operates on the Ethereum network.


Robinhood making good on promises


The Bit

Back in March, Robinhood finished a 4th round of funding for $363 million and announced plans for adding cryptocurrency trading to their platform.


The Bigger Picture

Competition for bringing in new traders to the cryptocurrency scene is growing. Circle has created Circle Invest for cryptocurrency asset trading, and Coinbase has been making headlines consistently in 2018 for adding services and Wall Street talent to bring their platform to institutional investors. Initially Robinhood only offered trading for Bitcoin and Ethereum, but as of yesterday, the platform now offers Litecoin and Bitcoin Cash. The platform still plans to expand to at least 16 different coins.


“I won’t be surprised if gaming ends up being blockchain’s first killer application outside the financial space. Gamers have always been early-adopters, and this time will be no different.” – Robbie Ferguson, COO Fuel Games

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