A Japanese billionaire is launching a new crypto bank and will allow any exchange to offer its white label banking services for free.
Fusion Bank (also behind Fusion Coin) intends to distribute its ‘banking system as a white label service for free-to exchanges around the world, enabling them to offer all the same services as Fusion Bank, and utilising its banking license’.
Japanese billionaire Kenji Manno – the man who first brought Ripple to Japan and founded Bitcoin Japan – will launch the new venture and outline the details at CC Forum in London next week.
Fusion Coin was in the headlines last week for the theft of 13.5 million Fusion Coins.
Crypto banking will help rehabilitate industry’s image
Fusion Bank blends traditional finance with disruptive cryptocurrencies.
It will offer cryptocurrency trading (OTC and exchange), FX trading, loans secured with cryptocurrencies, and regular banking services for 25 different fiat currencies including issuing Mastercards and Visas.
Mr Manno, CEO, told Micky that bringing cryptocurrency into the traditional banking sector, will help rehabilitate its image.
“I think Fusion Bank will create a sensation for an obsolete current bank (sector),” he said.
“I believe that the status of cryptocurrency will rise as banks handle cryptocurrencies.”
“I would like to distribute this banking system for free to the exchanges around the world with the bank license attached.”
Work on the bank is almost complete, with the final touches to be finished in November.
Max Studennikov, co-founder of CC Forum in London, told the Trader Cobb podcast the launch was of major significance.
“Mr Manno, he’s a Japanese billionaire, he’s coming to London, he’s chosen us to launch his one billion crypto bank,” Studennikov said.
“You’ll certainly hear a lot of things about it.”
Darkest before the dawn
The theft of 13.5 million from Fusion’s token swap wallet – or about a quarter of the entire Fusion Coin supply – made headlines last week, but Fusion Bank said reports it had been hacked were inaccurate.
“Our website is not hacked because security measures are strictly enforced,” a spokesman said via email.
He said an internal investigation revealed the money had been transferred using personal information stolen at a phishing site.
Reports of a ‘hack’ emerged caused the price of FSN to drop from 51 cents to 21 cents in a few hours. It has since recovered to above 30 cents.
“We would be very happy if you could let everyone know that our Fusion Coin and Fusion bank are safe!” the spokesman said.
Fusion transferred remaining funds from the swap wallet into cold storage and arranging for withdrawals and deposits to be suspended on OKEX, Huobi, Citex and Hotbit to prevent liquidation of the stolen FSN.
The Fusion Foundation is working to recover the stolen currency.
In an email to users the company said “no vulnerabilities have been found on the Fusion Coin Management system and it has become clear that fraudulent transfers have not been linked to the Fusion Coin system.”