Schebesta to create crypto-bank of Australia

August 08, 2018
Chris Wheal

Fred Schebesta, Australian tech millionaire, has said he wants to create a bank specialising in cryptocurrency services.

Schebester on his daily YouTube broadcast

Schebesta, the co-founder of Australian comparison website Finder, is a crypto and blockchain enthusiast and believes that by partnering an existing bank he can build the first “crypto bank of Australia”.

Goldfields Money

Goldfields Money

Having recently acquired a “significant” personal shareholding in Goldfields Money, a small bank in Western Australia, Schebesta now has access to a licenced deposit-taking institution (ADI).

“As crypto adoption takes off and it becomes bigger and bigger, people are going to need certain services such as  custodianship, cold storage, escrow, exchange and spending,” he said in a daily crypto talk show on Crypto Finder, broadcast from Finder’s offices in Sydney.

“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,” he added.

Scared of cryptocurrency

Schebesta believes that the digital asset sector is widely ignored by the country’s banks – claiming that they are “scared of cryptocurrency”.

He said: “They’re closing accounts, they won’t bank people, and I don’t think that’s fair and I don’t think there’s ary reason to do that.”

While he admitted that the market could be daunting due to the intricate way in which it operates, he said his team knows how to make it work.

“We understand this market, we know how to make it safe and make it scalable and actually bring it to banks,” Schebesta said.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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