According to Cointelegraph, Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding.

The Spring Development Bank is named after the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity Government (NUG) against the ruling State Administration Council (SAC) — a military junta that seized control of the country in February 2021.

The bank’s target demographic isn’t just the 55 million Burmese living in Myanmar, but also the two-million-strong “Burmese diaspora”, who live and work outside of Myanmar and frequently send money back to the country.

Constructed on Polygon, the bank's main goal is to make both domestic and international payments faster and more efficient, as well as offer international access to a broad array of financial products.