The Finder.com.au co-founder, Fred Schebesta, announces his idea to build a cryptocurrency bank incorporating with an existing license deposit-taking institution.
Fred Schebesta wants his cryptocurrency bank to be the first bank in the country which associates digital currency. The online comparison magnate believes that digital currency will play a significant role in the global business procedure of the future.
Fred Schebesta: An Australian Success Story
He is no ordinary businessman. At the age of 26, Fred Schebesta was the one to become Australia’s youngest self-made millionaires after he sold out his initial business. Fred then builds the popular comparison website “Finder” which came to be successful.
They began their journey as “Creditcardfinder.com.au”. This site was used to compare variant credit cards. After some time, it revised to “Finder.com” by adding the support for many other product categories. The company currently is worth over $1 billion, serving its operations in around 10 countries.
Now Fred Schebesta is ready to accomplish his new passion. He is obsessed with blockchain and cryptocurrency hosting a daily show. He manages this show from the offices at Finder’s York Street.
Experts Say the Future is Cryptocurrency
Within the next year-and-a-half, Fred Schebesta expects his cryptocurrency bank to be up and working. Once ready, it will be amongst the recent in a series of forays around the overall cryptocurrency arena.
In September 2017, he announced a cryptocurrency-based comparison platform which is today’s subscriber favorite surging other sectors such as insurance, telecoms, etc.
In February 2018, Schebesta established HiveEX. This is an over-the-counter (OTC) cryptocurrency exchange platform. However, it is also obtaining relevant success around the variant country, counting millions of dollars’ worth of transactions every week. Also, HiveEX has induced a bill payment processing platform, Hive Spend which utilizes cryptocurrency.
Also, Schebesta believes that digital currency is the future, elaborating:
They’re going to lead the way. That’s where all the big money is. We’re living in the future. That’s what I’m all about. I think I’m a time traveler. I travel forward five years in the future, work it out then come back and try to take active steps to make it happen.
Cryptocurrency Bank is the Next Future Thing
Instead of appealing for a deposit-taking institution (ADI) license, he would rather choose to partner with an existing bank. However, the Finder CEO recently obtained a prominent stake in Goldfields Money. This is a West Australia bank.
Quoting on his plans for the cryptocurrency bank, Fred Schebesta mentioned:
They’re [Goldfields Money] a $35 million market cap, tiny business, but a bank, and the only bank with an ADI in Western Australia. As crypto adoption takes off and it becomes bigger and bigger, people are going to [need] certain services [like] custodianship, cold storage, escrow, exchange, and spending. And then lending is what makes the fiat economy [government-backed currency] work, and once lending really cranks up in crypto, that’s the thing that will basically take this to a whole other level.
However, his plans might be odd with the general banking sentiment seeing the cryptocurrency industry. There’s almost majority of banks who have already undertaken swift plans to ban cryptocurrency purchases using credit cards. In accordance with Schebesta, these banks are simply scared of the market and are appearing with every single reason to be.
What will be the next step of Fred Schebesta? Will this decision be the successful one? Share your thoughts on Twitter.
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Image Source: Fred Schebesta