Prince Lorenzo de’ Medici – a descendant of the famed Renaissance-era Italian banking family, the House of Medici – has opened a bank in Puerto Rico.
Medici Bank, “born out of frustration with the current financial services landscape,” aims to offer faster, cheaper and more transparent services, according to an announcement Wednesday. Notably, the new institution will serve cryptocurrency firms, as well as other more traditional clients such as family offices.
Lorenzo de’ Medici founded the bank alongside Ed Boyle, who was previously managing director of Americas at Fidor Bank and vice president and general manager of American Express’ prepaid card business before that.
On Friday, February 9, 2018, Italian cryptocurrency exchange BitGrail announced that “internal checks revealed unauthorized transactions which led to a 17 million Nano [XRB] shortfall, an amount forming part of the wallet managed by BitGrail.