It is undeniable that cryptocurrencies are starting to substitute banks in little but meaningful ways in certain sectors of society. But some people believe that cryptocurrencies and banks could coexist and share the advantages of both worlds to make something really revolutionary. That is the way of thinking of Fred Schebesta, an Australian millionaire, and entrepreneur that is focused on bringing the first crypto bank to Australia, according to news.com.au.
Fred knows how to carry a startup to notoriety: he is the founder and CEO of Finder.com.au, a search domain that receives more than six million visits per month, His vision is that cryptocurrencies in the future will substitute money gradually, and he wants to pioneer this effort in Australia with the creation of a cryptobank to help people manage their cryptocurrency. He has the idea of partnering with an already established little bank, Goldfields Bank, and then working its way up to the ranks of bigger banks. He has already a big stake in the bank. About the necessity of crypto banking, he declared:
PEOPLE ARE GOING TO [NEED] CERTAIN SERVICES [LIKE] CUSTODIANSHIP, COLD STORAGE, ESCROW, EXCHANGE AND SPENDING. AND THEN LENDING — LENDING IS WHAT MAKES THE FIAT ECONOMY WORK, AND ONCE LENDING REALLY CRANKS UP IN CRYPTO, THAT’S THE THING THAT WILL BASICALLY TAKE THIS TO A WHOLE OTHER LEVEL.”
Crypto Is The Future
Fred thinks that cryptocurrencies will take the place of federal backed currencies in the near future, that is why he has a bold plan for getting this idea from scratch to a working business in less than two years. A cryptobank would offer certain kinds of advantages that a real bank would not be able to. Nonetheless, Fred believes that the real revolution of cryptocurrency will start with exchanges growing into full-fledged cryptocurrency institutions, and we are seeing this now: Several exchanges like Binance, one of the biggest crypto exchanges in the whole world, and also Uphold, that has a significant userbase have partnered and invested in Libra Credit, a startup specialized in offering lending and cryptocurrency credits.
Fred is being very bold about what he wants to do, and he is not afraid of saying it. He stated:
WE’RE LIVING IN THE FUTURE. THAT’S WHAT I’M ALL ABOUT. I THINK I’M A TIME TRAVELLER. I TRAVEL FORWARD FIVE YEARS IN THE FUTURE, WORK IT OUT THEN COME BACK AND TRY TO TAKE ACTIVE STEPS TO MAKE IT HAPPEN
If his idea really comes to fruition, Australia will have the first crypto bank in less than two years from now, being a pioneer in a virgin sector: crypto banking.