Cryptocurrency Bank To be Launched by Australian Tech Entrepreneur

Fred Schebesta, a 26-year old entrepreneur, co-founder of comparison website, wants to open a cryptocurrency 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 the future

In an interview Schebesta said that he didn’t care much about the current price of Bitcoin, since people have been calling Bitcoin a bubble when it was $10, $100 and even $1,000.

Schebesta credits the lessened public interest to the high volatility in the prices of  Bitcoin and other Altcoins. He also says that however people are only upset at the sudden decline, but the interest hasn’t declined.

Crypto Bank In Australia

Schebesta plans to open a crypto bank in Australia and estimates that he could complete it 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.

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

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