Millionaire Plans to Launch Australia’s First Cryptocurrency Bank

Karan Balwani

August 7, 2018 10:51 am

Cryptocurrency News

Millionaire Plans to Launch Australia's First Cryptocurrency Bank
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Fred Schebesta, the Australian millionaire is planning to launch a cryptocurrency bank in Australia. This move is intended to capitalize on the phenomenal business opportunities in the virtual currency market.

Notably, Fred is the co-founder of Finder.com.au. He wants his bank to be the first one of its type in Australia. He strongly believes that cryptocurrencies will play a major role in the future of global business. He recently acquired a large chunk of stake in Goldfields Money, a Western Australia bank.

Fred is looking to partner with an existing bank rather than applying for an ADI license. The general banking sentiments seem to go against the time as most major banks have taken steps to ban cryptocurrency purchases through credit cards. In fact, the banks are skeptical of the cryptocurrency market and the market volatility further increases their concerns.

Fred Schebesta demonstrated the potential of the crypto market by comparing the earnings between Deutsche bank and Binance. Deutsche bank employs 100,000 people, making a Q1 profit of $146 million in 2018 while Binance employs 300 employees posted a profit of $200 million in the same quarter.

Schebesta plans to launch his bank within the next 1.5 years. Back in September 2017, he launched a crypto comparison platform that outperformed other markets like insurance and telecoms by a significant margin.

In February 2018, he also launched HiveEx, a cryptocurrency platform that offers over-the-counter (OTC) transactions. The platform has processed millions of dollars worth of transactions each week. HiveEx also helped launch HiveSpend, a cryptocurrency based bill payment platform.

It’s interesting to see the various applications of blockchain technology that is transforming our global financial landscape.

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