Direct descendant of italian bank dynasty Medici, which dominated european banking in the 15. century, is launching new bank focused on digital trade and investments.

Prince Lorenzo de' Medici, Medici's bank president, says he is motivated by advancements in blockchain technology so much, he founded a new company with the aim to create seamless, digital customer experiences and expand financial opportunities across global markets.

He argues, since innovation driven periods led by his family in the banking sector, when checks, letters of credit, double-entry bookkeeping or bank branches were introduced, little has changed in the banking environment in the last 500 years. Ed Boyle, CEO of the new institution, fully licensed in USA, says the institution is going to aim for digitally native businesses. He wants to differentiate from its established rivals precisely by inefficiencies eliminations and overall process acceleration.

“We are building Medici Bank from bottom up, not relying on aged infrastructures, nor on the established bank processes. Such an approach is uncommon in the USA.” adds Boyle.