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WATCH: Blockchain Companies Decry Malta's Banking Sector As Their Main Struggle

Banks are not accepting clients in the cryptocurrency space

Banking and cryptocurrency companies in Malta, with many of them saying that traditional banks

"Banking is weak: Banking is bad in Malta," said Alexandre Dreyfus, CEO of Socios.com.

He told Lovin Blockchain There were efforts by both the government and private companies to change the system, but Malta's size banks could not take certain risks which larger countries could take.

Stephen McCarthy, the chief executive of the Malta Digital Innovation Authority, "because they are not accepting clients, especially those in cryptocurrency".

"This has been a trend across Europe really," said Paula Pandalfino from the Founders Bank, which has been set up to counter these challenges.

"You said, adding that it was here to stay and much more" He embraced.

Lovin Blockchain also spoke to Dimitris Litsikakis, country manager of Revolut, who said he could not have a sustainable and profitable business model without ripping off customers.

"We are having issues to open to bank accounts." I do not know why it takes days, weeks or even forever, "he said.

Kris Marszalek, who said: "We love competing against banks because they are big, slow and their technology sucks."

Lovin Blockchain also spoke to FinanceMalta's Kevin Farrugia who spoke about all efforts Malta was making to attract Blockchain businesses and create a home for them.

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Lovin Blockchain is sponsored by OKEx, CFX, Kyrrex and Finance Malta.

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