The first crypto bank might exist sooner than you think...

08 Aug, 2018
by Will Heasman
News
The first crypto bank might exist sooner than you think...

A self-made millionaire at 26, Schebesta made his fortune by selling his first business: freestyle media. Now the young millionaire sits at the top of his $1-billion-dollar business - Finder, a product comparison company.

Speaking on his daily crypto talk show, Schebesta admits being big on the crypto space, and asserts that banks have a particular Achilles heel:

“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.”

Schebesta believes the solution to this lies within cryptocurrencies, stating that people will naturally migrate towards digital assets once they release the fundamental flaws within traditional banking. The entrepreneur has already taken measures towards his goal of a crypto bank, obtaining a significant share in a bank named Goldfields Money.

"They’re 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.”

Schebesta plans to integrate his idea for a crypto bank into Goldfields Money in order to negate the need for an authorized deposit-taking institution (ADI) license. He continues to assert that the bank will be up and running within 18 months...

Would you use a crypto bank? Let us know your thoughts in the comments below!

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