Written by Marshall

On February 6, 2021

First Blockchain Bank and Trust, The First Federal Full Bank Charter Integrating Blockchain Technology

We are very excited to announce this week that Metal has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a full-service national bank charter while seeking deposit insurance from the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve membership. If granted this full-service national bank charter, we would be among the first national banks to custody cryptocurrency and take fiat deposits protected by FDIC insurance.

This could be a historic moment in banking, as the potential for blockchain and new products such as stablecoins opens new doors that were previously closed in traditional banking. At Metal, we believe that a strong user experience, cybersecurity, and accountability are key. Our mission remains “To provide open financial access for all,” and our motto is “Always act in good faith, with full transparency and accountability.” We believe that the future of banking is evolving, similar to the evolution from Blockbuster video to Netflix. In an increasingly digital world, it’s important that financial institutions evolve with the speed of consumer trends and cutting edge technology.

Where do we go from here? We think integrating more modern security protocols utilizing Proton blockchain technology, PSR (Proton Signing Request) with DeID (decentralized identity), is crucial to create a seamless and secure environment for authentication with strong attestable biometrics. Furthermore, the ability to transfer funds instantly to third parties using PCA (Proton Chain Assets) while complying with the new Notice of Proposed Rulemaking (RIN 1506-AB47) and the Financial Action Task Force (FATF) Travel Rule proposal is imperative, while maintaining strong user privacy, security and ease of use is of the utmost importance.

First Blockchain Bank and Trust, N.A., is a proposed full-service national bank which, if approved, would be regulated by the Office of the Comptroller of the Currency (OCC) as our primary prudential regulator, as well as the two other primary federal regulators for banking:  the FDIC, with Metal as the bank’s holding company being regulated by the Federal Reserve Board.

We seek to marry traditional banking with cutting edge blockchain technology in a safe and secure manner that will build trust with clients and create a strong sense of delight and satisfaction. It is the goal of the proposed bank to leave no citizen or business behind in this technological tour-de-force of blockchain technology. Moreover, we aim to support financial inclusion through various programs inside the proposed bank, with a strong focus on the indigenous peoples of South Dakota, where the bank will be headquartered. When we say “we will bank the unbanked,” we mean it, and we feel First Blockchain will be uniquely positioned to offer these services through exceptional technology, a dedicated team, and our strong mission, vision, and values.

With First Blockchain utilizing the technology of the Proton blockchain, we aim to lower the barrier to entry for consumer and corporate trust services once chartered. Our bank will not only be exploring stablecoins, but as new forms of banking such as decentralized finance have grown popular, we will seek to incorporate this as well for our customers as approved and advised by our regulators.

Transparency, security, and accountability are key components of the vision I first started in 2016, and I’m very excited to bring those values into First Blockchain. As blockchain technology matures as a whole, cryptocurrency trust services will become more and more ubiquitous for those individuals and corporations looking to add digital assets to their portfolios. We seek to serve America in this great technological shift to create more open, transparent, and accountable financial systems.

There has been much talk of regulation of digital assets, blockchain technology, and how this will change the landscape for the future of the web. As always, I remain a strong proponent for principled sound regulation that provides safety, security, great user experience, and interoperability for financial institutions. We applaud our regulators and members of public offices that have been outspoken in bringing this technology to all Americans. We know that these changes will increase America’s opportunity, jobs, and competitiveness in innovation on the global level. Onward!

Sincerely, with great care and respect,
Marshall Hayner
CEO and Founder of Metal and First Blockchain Bank and Trust, N.A. (a proposed national bank charter)

NB: You can follow our journey by following our main account on Twitter and by following Blockchain Bank on Twitter. Additionally, you can check out our website for First Blockchain Bank and Trust to receive the latest news and updates. To learn more about Proton Blockchain follow on Twitter and visit the Proton blockchain website for more information.

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