Australian self-made millionaire and co-founder of technology website Finder has announced he wants to open the country’s first cryptocurrency bank according to news.com.au.
Finder CEO and co-founder Fred Schebesta said he was seeking to partner with an existing bank to open a “crypto bank of Australia” and has made a large investment in Goldfields Money.
“They’re a $35 million market cap, tiny business, but a bank, and the only bank with an ADI in Western Australia,” said Schebesta.
Rather than applying for an authorised deposit-taking institution (ADI) licence through finder, Schebesta would use the bank’s existing licencing and hopes to open the bank within two years.
“There’s a lot of intricacy when it comes to cryptocurrency and how it actually operates. We understand this market, we know how to make it safe and make it scalable and actually bring it to banks,” said Schebesta.
Finder is worth around $1 billion and operates in 10 countries with further expansions planned for 2018.