An Australian Entrepreneur is Set to Launch the Country’s First Cryptocurrency Bank

4 min read

While many financial institutions refuse to interact with virtual assets because of their volatility disadvantage, Australia is increasingly thinking about launching its first cryptocurrency bank.

Australia seems more and more interested in digital currency. One of the country’s entrepreneurs, Fred Schebesta, is set to fulfill his dream, namely to create the first Australian cryptocurrency bank.

As reported by News.com, the owner of the country’s famous comparison website – Finder, is not influenced by the low volatility of the crypto industry. Schebesta explained that the interest rate in virtual assets is stronger than ever:

“At its core, you’ve got to remember, just because the price of Bitcoin has gone down and people feel angry, that doesn’t reduce the interest.”

The rate of attraction for decentralization is on the rise. In the opinion of Schebesta, crypto enthusiasts will accept to deposit part of their funds in a crypto bank:

“You don’t have your money. The bank has your money. Have you ever gone to the bank and asked for all your money? If everyone did a bank run on CommBank [Commonwealth Bank of Australia] right now, they wouldn’t be able to service it. That’s why I’m so big on crypto. I think eventually people will go, ‘Oh my god, this is so messed up’, and they’ll move to where they can hold their value. Not all of their money, but some of it.”

“We’re living in the future,” said Schebesta

The entrepreneur sees in the crypto sector a prosperous future, thinking even five years in advance: “We’re living in the future. That’s what I’m all about. I think I’m a time traveller. I travel forward five years in the future, work it out then come back and try to take active steps to make it happen.”

Among the contractor’s plans is the launch of a cryptocurrency bank. In order to carry out its operations in accordance with the laws in force, the financial institution must hold an “authorized deposit-taking institution (ADI)” license. For this reason, Schebesta has acquired a part of shares in an existing bank – West Australia’s Goldfields Money.

“They’re a $35 million market cap, tiny business, but a bank, and the only bank with an ADI in Western Australia.”

Finder co-founder hopes to launch its own crypto bank in the next 18 months.

Australia does not cease to amaze the international audience with its innovative projects. First, we were amazed by the grant offered to the IBM tech giant, then, it was the Queensland project aimed at promoting the tourism sector. Australian businesses are put on the country’s development.

Author: Adriana Midrigan

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