According to the report, most Australian successful tech entrepreneurs said that he wants to make Australia’s first crypto bank. During the interview with Australian news site, the co-founder of comparison site – tech innovator Fred Schbesta talked about his passion for space and he is planning to “build a crypto bank of Australia” by partnering with the existing bank.
Western Australia Bank has already purchased “significant” individual holdings in Goldfields Money. The millionaire investor explained why a bank sees the industry as a set-up for the explosion, is a logical step for it:
As crypto adoption takes off and it becomes bigger and bigger, 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 [government-backed currency] work, and once lending really cranks up in crypto, that’s the thing that will basically take this to a whole other level.
Explaining to the site that he could run and run Crypto “within 18 months”, Shebesta argued that Australian banks are “afraid of cryptocracy” and opportunity for a company with the inner knowledge of crypto to seize that opportunity is ripe.
Schebesta is usually very optimistic about the whole blockchain and the cryptocurrency industry. Finder started its Cryptocurrency comparison service in September – looking at ten times the traffic growth for its offerings.