Banks have vastly evolved over the last 50 years but the underlying global financial system has remained largely the same; obscure and inefficient.
The advent of regulated digital assets and programmable money, “along with its adoption by central banks around the world offers a root and branch transformation of how value will move around the world.”
As this takes shape, launching today Pave Bank is the “first” programmable bank giving businesses access “to these new technologies so they can bank more efficiently and access the new economy.”
Pave Bank comes out of stealth “with an approved digital banking license from Georgia and a US$5.2M seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors.”
Pave Bank is reportedly the “first” fully regulated commercial bank “where clients can not only get the best in class business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions) but will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, which is a multi-asset, always instant and always on a network of Pave Bank customers.”
Pave Bank claims that it promises “an ironclad level of trust and confidence in all their products.”
In honoring this commitment, they are “a full reserve bank, which means that all deposits and funds held with the bank are always there, never lent out and never invested.”
Salim Dhanani, Co-Founder & CEO of Pave Bank, commented:
“We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”
As programmability in financial services takes off, Pave Bank “offers a fresh, secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs).”
The Pave Bank team likens “this level of disruption in financial services to the way the smartphone disrupted the phone market.”
Salim Dhanani added:
“Programmable money and real-world asset tokenization are creating a seismic shift in how the financial system will operate and what a future financial institution will look like.”