RATE Group | Australian Millionaire, Fred Schebesta, Plans to Launch Cryptocurrency Bank
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Australian Millionaire, Fred Schebesta, Plans to Launch Cryptocurrency Bank

06 Aug Australian Millionaire, Fred Schebesta, Plans to Launch Cryptocurrency Bank

Posted at 16:36h in Cryptocurrency News by

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Australian millionaire, Fred Schebesta, is planning to launch a cryptocurrency bank to capitalize on the immense business opportunities in the emerging virtual currency market. Schebesta, the Finder.com.au co-founder wants his bank to be the first of its kind in the country. The online comparison magnate also believes that cryptocurrencies will have a significant role to play in the global business process of the future.

Cryptocurrency Banks are the Next Big Thing

Rather than applying for a deposit-taking institution (ADI) license, Schebesta would prefer to partner with an existing bank. The Finder chief recently acquired a significant stake Goldfields Money, a West Australia-based bank. Commenting on his plans for a crypto bank, Schebesta said:

They’re [Goldfields Money] a $35 million market cap, tiny business, but a bank, and the only bank with an ADI in Western Australia. As crypto adoption takes off and it becomes bigger and bigger, people are going to [need] certain…

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