Gringotts Magic Bank

Gringotts Bank was the only bank in the wizarding world. It was founded in 1474 by the goblin Gringotts. The bank's office is located on the north side of Crooked Street in London.

The creation of Gringotts Bank in the 15th century is connected to the economically unstable situation in the wizarding world. The main goal of creating the bank was to stabilize the mentioned situation.

Until 1865, the bank was under the Ministry of Magic. In 1865, the Ministry decided to return full control of Gringotts to the goblins.

In the middle of the 20th century, when Lord Voldemort subjugated the Ministry of Magic, the Gringotts bank again passed under the Ministry, and after the defeat of Voldemort, Gringotts returned to the hands of the goblins.

In addition to storing money and jewels for wizards, Gringotts Bank can be used to exchange Muggle money for wizard galleons, sickles, and knights. Even Hermione Granger has used the said currency conversion service when her parents exchanged their Muggle money to pay for Hermione's school supplies.

Although Gringotts is very lavishly arranged on the surface, as sophisticated as it is above ground, its vaults thousands of kilometers below the surface are just as terrifying and terrifying. In addition to goblin spells, these vaults are guarded by dragons trapped deep in the earth, most of whom have spent so long without seeing sunlight that they are half-blind, which makes them particularly aggressive.

 

The bank's vaults were also known in recent centuries to have housed the Philosopher's Stone. The philosopher's stone was created by the legendary medieval alchemist - Nicholas Flamel, who lived for 665 years. This mystical item is of astonishing power. It transforms any metal into gold. In addition, it can produce an elixir of life that grants immortality to a person. Voldemort's attempt to steal Flamel's Philosopher's Stone is detailed in Harry Potter and the Philosopher's Stone, the first part of the seven-volume Harry Potter series.

Goblins are extremely greedy, protecting their money and valuables at all costs, making them ideal guardians of the wizarding world's jewels. Goblins also have their own code that forbids them from talking about bank secrets, and they consider breaking this code to be the greatest betrayal. 

The Gringotts Wizarding Bank's motto is "Fortius Quo Fidelius", a Latin phrase meaning "strength through loyalty".

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