Co-Founder of Plans Australian Crypto-Bank

The 26-year-old businessman, Fred Schebesta, one of the co-founders of has announced plans on launching a cryptocurrency bank within Australia. According to him, he firmly acknowledges that the rise in global attention and interest towards cryptocurrencies and that local crypto-participants will need a financial institution to cater to each of their related needs.

More than a Bubble

During a recent interview, the co-founder stated that the price of BTC was not a concern of his given how Bitcoin was considered a bubble by many individuals and speculators when it was worth $10 to $1000. Overall interest in Bitcoin and cryptocurrencies, in general, has been seen to decline due to the unpredictability and volatile nature they possess.

As Schebesta states that even though several involved figures are reacting negatively towards Bitcoin’s sudden plummet in price, however, this doesn’t mean that interest in the coin or crypto, in general, has lowered. He compares Bitcoin to gold in terms of fluctuation. He states that retail investor growth has seen a huge surge lately and crypto purchase and sales have upset the general investor environment. As he suggests, playing the waiting game and seeing what comes next is the way to go.

Attributing his success to “time travel” and knowing the outcome of how certain events will occur, Schebesta is now focused on launching a cryptocurrency bank and states that he could possibly oversee and finish constructing the bank in just 18 months’ time. As per Australian law, as an official and operation deposit service provider, the new crypto-bank will require an ADC certification to operate and has partnered with another financial institute within AUS to acquire the license.

Additionally, he claims the idea ingenious and will provide billions in profit. He also acquired several shares with Goldfields Money due to being the only AD licensed bank in West Australia. Schebesta adds that as cryptocurrency spreads father and sees more acceptance and adoption, investors and participants will require more efficient and beneficial services including custody, offline holding, escrow services, cryptocurrency exchange, and cryptocurrency loans will also become an important requirement.

One problem he mentions is that domestic banks are hesitant and turning away from cryptocurrencies. He states that the importance of digital coins will be brought to light after being involved with several complexities and issues with traditional banks. According to Schebesta, digital coins will not one final solution to all monetary issues but become a vital factor in the financial industry.

2 years ago

Start Weekly Digest

Similar news