AriseBank, a decentralised banking platform that offers cryptocurrency mobile system in the US, has wrapped up the takeover of commercial lender KFMC Bank Holding Company and TPBG, a investment banking and management firm.
With completion of the deals, AriseBank has become the first crypto-currency platform to acquire two traditional banks in the US.
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The acquisition of these traditional banks will enable AriseBank to comply with industry regulation. It will also allow the bank to offer its customers with FDIC-insured accounts and transactions.
AriseBank co-founder and CEO Jared Rice said: “Having a crypto bank being able to successfully acquire a traditional bank – or in this case two – will go down as a monumental moment in banking history.
“This acquisition shows that the hierarchy of traditional banking is shifting because of today’s consumer’s demand for more freedom and transparency, and the need for new and innovative solutions to keep up with the changing times and marketplace.”
AriseBank, which launched the ICO for private and pre-sale at the end of 2017, said that it has raised $600m within a course of a few weeks.
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By GlobalDataThe company, which is now open for public sale, has raised its initial goal of $500m and is on its way to become the first $1bn ICO.
