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‘Multi Billion-Dollar Idea’: Australian Tech Entrepreneur Plans Crypto Bank Launch

Last Updated March 4, 2021 4:07 PM
Habiba Tahir
Last Updated March 4, 2021 4:07 PM

Fred Schebesta, a 26-year old entrepreneur who co-founded comparison website Finder.com, wants to open a crypto bank in Australia.

Schebesta believes that interest in cryptocurrency is growing and soon people will need an institution which can fulfill their crypto needs.

Bitcoin is Not a Bubble

In an interview with Australian news website News.com.au , Schebesta said that he didn’t care much about the current price of Bitcoin. According to him, people have been calling Bitcoin a bubble when it was worth $10, $100 and even $1,000.

Due to the volatility in the price of Bitcoin and other cryptocurrencies, people believe that interest in crypto has lessened. However, Schebesta explained that people are only upset at the sudden decline, which doesn’t mean that interest in it has died down. He, like other Bitcoin advocates, believes that Bitcoin bears similarities to gold.

“We just saw a massive spike in retail investors coming on board. That’s why everyone bought and they sold and everyone’s really angry,” said Schebesta. The trick here is to wait and watch the story unfold. Schebesta added that if people still think Bitcoin is worth nothing, they can simply send it to him.

Crypto Bank in Australia

Schebesta said that he is a time traveller and this is the reason why he is successful. He can visit the future and come back to the present to try and follow the steps to achieve something. Luckily, he has seen the future for cryptocurrencies.

Schebesta wants to open a crypto bank in Australia and believes that he could complete this task within 18 months. Since he will need an authorised deposit-taking institution (ADI) license, he will collaborate with an existing Australian bank. Deeming it a :multibillion-dollar idea”, he has already bought shares in Goldfields Money because it is the only bank in Western Australia with an ADI license.

Schebesta said, “As crypto adoption takes off … people are going to [need] certain services [like] custodianship, cold storage, escrow, exchange and spending.” He added that crypto lending would also become a requirement in the upcoming future.

However, Schebesta noted that Australian banks are scared of cryptocurrencies. He thinks that it is unfair that they are discontinuing their services for crypto users.

People will realize the importance of cryptocurrencies after facing issues with traditional financial institutions. Even though, crypto wouldn’t be the “be-all and end-all”, it would still become a huge part of the financial ecosystem. “That’s why I’m hedging Finder,” concluded Schebesta.

Featured image from Shutterstock.