Right now we have banking partners and payment processors. What we can't do by ourselves is actually hold the funds with the fed. We need a partner bank essentially has that fed master account. So this we'll like, eventually, if, once we get the fed master account we won't technically need to have a banking partner. And i think there a lot of banks that still don't understand the risk profile,. or how to evaluate the risk of crypto currency transactions. You still see people getting their bank accounts shut down because they boughtb oin somewhere.
The Sunday Times’ tech correspondent Danny Fortson brings on Jesse Powell, founder of crypto exchange Kraken, to talk about his first startup selling video game virtual goods (3:00), reading about bitcoin (9:40), why he thinks bitcoin will replace gold (12:00), launching Kraken (12:50), getting a banking license (15:00), selling tens of thousands of bitcoin (17:00), how widespread crypto actually is (20:40), the inherent weakness in the market (26:00), the Mt Gox bankruptcy (27:40), the impending failure of fiat currency (31:40), the power of the current system (34:35), raising just $20 million (36:00), and reaching the masses (40:00).
Hosted on Acast. See acast.com/privacy for more information.