Time Traveler Millionare to build Australia’s First Crypto Bank

Aug 8, 2018 at 12:32 Update Date :Feb 27, 2019 at 07:46 UTC

Australian tech entrepreneur and “time traveller” Fred Schebesta, has now proposed his next multi-billion dollar plan, to create the first crypto bank in the country.

Schebesta became one of the youngest self-made millionaires in the country at 26. He then co-founded the comparison website Finder (that started as creditcardfinder.com.au, a forum to compare credit cards) which is now worth over $1 billion and provides its services to customers in 10 countries.

Schebesta was one of the first people in the country to have recognised the potential of cryptocurrencies and Blockchain technologies. He also host a talk show about cryptos. Back in September 2017, Finder launched its cryptocurrency comparison service, which received about 10 times more traffic than the other standard search topics.

While sceptics would rather call Bitcoin a “bubble”, Schebesta disagrees. In a news interview, he said:

“Remember, people said bitcoin was a bubble at $US10, a bubble at $US100, a bubble at $US1000. After it went to $US100 it went down to like $US12, that’s way lower than $US20,000 down to $US6000.”

Schebesta, along with Frank Restuccia, founded the crypto-exchange HiveX in February. According to reports, the firm now processes millions of dollars in large trades every week. They also created a crypto-based bill-paying application dubbed HiveSpend.

The entrepreneur maintains that the current interest in Bitcoin is a lot higher than it was back in 2017 when it was leaking. He explained:

“The interest has boomed. I was at [crypto conference] Consensus in New York, there were 8000 people there. It took 30 minutes to get up the lift. New technologies are being built, it’s like going from Basic to DOS. Bitcoin’s like gold, it will just sit there and do its thing and keep on going, I don’t think it will die.”

Schebesta wants to create Australia’s first cryptocurrency bank by collaborating with an pre-existing bank instead of having Finder apply for a new license. He already is a major shareholder in the West Australian banking giants Goldfields Money. He anticipates that the bank should be up and running within 18 months.

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