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Real Vision: Finance & Investing
Moving Modern Money: Sphere (Breakpoint 2024)
Oct 14, 2024
Arnold Lee, co-founder of Sphere and a pioneer in crypto payments, shares insights on the complexities of building a cross-border payments platform. He delves into the hurdles faced in integrating cryptocurrency with traditional banking systems, especially in emerging markets. Lee also introduces SphereNet, a promising solution aimed at enhancing compliance and fostering collaboration between fintechs and regulatory bodies. Tune in for a thought-provoking discussion on the future of crypto payments!
08:55
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Quick takeaways
- Building a crypto payments platform faces significant challenges like reputational risk and regulatory compliance under the Bank Secrecy Act.
- SphereNet aims to provide a decentralized solution that simplifies interactions between cryptocurrency technologies and traditional banking infrastructures.
Deep dives
Challenges of Crypto Payments
Building a crypto payments company highlights significant challenges known as 'great filters' that complicate moving money in and out of cryptocurrency. Obstacles like reputational risk emerge as ecosystems expand, making banks and regulators wary due to potential open risk vectors associated with permissionless chains. The uncertainty of counterparty identities in crypto transactions raises concerns under the Bank Secrecy Act, as it complicates compliance with anti-money laundering and counter-terrorism financing regulations. The interplay between regulators, blockchains, and banks presents a complex trilemma that hinders straightforward methods for funding crypto transactions, like integrating traditional payment systems such as Apple Pay.
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Discover
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