Australian Tech Entrepreneur Schebesta Plans to Open a Crypto Bank

Australian Tech Entrepreneur Schebesta Plans to Open a Crypto Bank

August 16, 2018 Off By Sydney Ifergan

Fred Schebesta, 26-year old Australian tech entrepreneur and co-founder of Finder.com, shares a multibillion-dollar idea – launching a crypto bank in Australia. He strongly believes that people’s interest in cryptocurrency is steadily growing. With that, people are soon going to need an institution, such as a bank, capable of fulfilling their crypto needs.

In an Australian news site News.com.au, the young entrepreneur revealed in an interview that he doesn’t care much about bitcoin’s current price. He said that people have been referring to the leading crypto as bubble no matter its price, whether it was worth $10 or over $1000. Schebesta believes that bitcoin is not at all a bubble.

Right now, Bitcoin, as well as other cryptocurrencies, are at a low price range. The crypto markets right now are extremely volatile. Because of that, many people believe that the people have lost interest in cryptocurrency. However, he explained that people aren’t exactly disinterested but more of upset because of the sudden price decline.

The interest with bitcoin has not died down and not unlikely to wane, at least not in the next couple of years. Just like with other advocates of bitcoins, Schebesta believes that the leading crypto is a lot like gold. According to Schebesta, the real trick here is to wait and see how it will all unfold.

Schebesta always says that the reason that he’s successful is that he is a time traveller. He always says that he visits the future then comes back to the present. He then tries and follows all the right steps to achieve what he wants successfully. On that note, he says he has seen the future of crypto. With that, he plans to follow through the plan of launching a crypto bank.

He wants to start a cryptocurrency bank in Australia, which he believes he will be able to do in only eighteen months. To establish his bank, he will require an authorised deposit-taking institution license. To obtain the ADI license, he plans to collaborate with a standing bank in Australia.

In following through with his so-called “multibillion-dollar idea”, Schebesta already bought a number of shares in Goldfields Money, the only bank with an ADI license in Western Australia. With more and more people adopts crypto, time will come when they are going to need certain services such as cold storage, custodianship, spending, exchange, and escrow.

In the future, it is also likely that people will require crypto lending. The fact, however, is that Australian banks are a bit fearful of cryptocurrencies. To him, it is unfair that these banks discontinue providing their services to users of crypto. With that, Schebesta takes the initiative of launching a crypto bank, which he thinks will be a big part of the financial ecosystem.

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