Fred Schebesta, a known entrepreneur and a CEO of Finder.com has just announced the intention to open a first crypto bank, which is to be located in Australia.
First Crypto Bank to Arrive in Australia
While cryptocurrencies continue to advance on their road to dominating the financial industry, they still continued to lack one thing – the real crypto banks. This is something that a known entrepreneur Fred Schebesta noticed, and has decided to change.
Schebesta is already well-known for being a co-founder and CEO of Finder.com, and now he is looking to start a first crypto bank in the world. According to him, cryptos are becoming popular rapidly, and there is a legitimate need for a financial institution that will be open to this space, and capable of handling it. He claims that cryptos are not a bubble after all, despite some people claiming them to be one ever since Bitcoin (BTC) was priced at only $10 per coin.
In one of his recent interviews, Schebesta stated that the volatility of the market did not damage the overall crypto enthusiasm. People may be disappointed with the current situation regarding their prices, but the hype regarding cryptos as a concept is still very much alive. He then compared cryptos to gold, saying that crypto conferences are visited by thousands of people. New tech related to this space appears on daily basis, and Bitcoin will act like gold – it will continue to exist and do its thing.
Schebesta then talked about his intention to launch a first crypto bank and to do so in Australia. According to him, it may be possible for the project to be completed within 18 months, but to do so, he will have to receive an Australian ADI (Authorised deposit-taking institution) license. The only way to get one, however, is to enter an official partnership with an already-established bank. Because of this, he decided to buy Goldfields Money’s shares in advance, with this being the only ADI-licensed bank in Australia’s western part.
Crypto Banks will be Needed, Claims Schebesta
Schebesta has predicted a pretty bright future for cryptocurrencies. According to him, the adoption is taking off, and it will continue to do so. Soon enough, various new services will be needed, including cold storages, custodianship, exchange, escrow, spending, and more. He even mentioned that lending cryptos are bound to become a real necessity at some point in the future.
With a continued expansion of cryptos, he decided to compare the future needs of cryptocurrency with those of traditional currencies. For example, the already-existing financial institutions are serving thousands of customers. Deutsche Bank, for example, has around 98,720 users. They managed to make $146 million in profit in the first quarter of the year. Binance is an example of a crypto exchange, which has around 300 users and has made up to $200 million in profit.
Obviously, there is something going on in the crypto space, and Schebesta is not planning to miss it. He already became a millionaire when he was only 26. After that, he co-founded Finder.com, which now operates in 10 countries, and is worth $1 billion. Ever since he has been very vocal about cryptos, and his plan to open a first crypto bank is all the proof we need that the young entrepreneur is more than serious about them.