The Crypto Times
Image default
Banks Blockchain News

Blockchains CEO Buys Out Kirkwood Bank to Obtain Financial Inclusion

Investment company Blockchains LLC recently bought the Kirkwood Bank of Nevada for $28 million. The move was said to ensure financial inclusion for Blockchains. 

Security for Blockchains

In a report published on The Nevada Independent, Blockchains CEO Jeffrey Berns revealed that he purchased the bank as security for Blockchains and other blockchain-connected businesses. 

According to Berns, his primary objective for buying Kirkwood Bank was essentially as security for him and to ensure that his company had access to the financial structure. 

He added that he also wanted to build an environment where the blockchain community and other legitimate businesses trying to create projects for the betterment of the world would have a bank that understands what they want to achieve and is not afraid. 

Negotiations Started 2017

Blockchains’ CEO started negotiating with the bank in 2017. The acquisition agreement was allegedly signed back in August 2018. The $28 million is said to be broken down to $25 million for the bank buy-out and $3 million allocated for investment capital. 

Berns claimed that he bought the bank using a holding company that is not aligned with Blockchains. He also said that bank holding firms are the only organizations that can own a bank, and if Blockchains has a bank, it would also report the same way a holding company would. 

Blockchain-Powered Banking Solutions

Meanwhile, Kirkwood Bank’s president allegedly stated that the management and day-to-day operations wouldn’t be affected by the acquisition. However, Berns was reported to be keen on having a contract between the bank and Blockchains that would see them developing blockchain-powered banking solutions set to be released by 2020.

Related posts

Crypto Platform Bakkt Looks to the Future, May Apply for BitLicense

Viena Abdon

Ethereum Facing Social Media Drama

Viena Abdon

US Securities Commission Asks Court to Freeze Assets of NY Firm Due to Alleged ICO Fraud

Viena Abdon

Singapore Wealth Fund Invests in Coinbase

Viena Abdon

An Overview of Top Cryptocurrencies


South Korean Firm Blocko Set to Bring Hybrid Blockchain to the UAE, Partners with SEED Group

Viena Abdon