On The Brink with Castle Island Kyle Powers (LibertyPay) on building remittances on Bitcoin (EP.113)
Aug 17, 2020
40:48
Kyle Powers is the cofounder and CEO of LibertyPay, a Boston business that powers remittances to Brazil and Mexico – settling on Bitcoin, rather than traditional financial rails. LibertyPay has settled nine figures worth of value in its history – and most users never know their transactions are settling via Bitcoin. In this episode:
- How LibertyX began with the cofounders standing beside a Bitcoin ATM in South Station in 2014
- The origins of LibertyPay and how the cofounders realized that Bitcoin-based remittances were a viable product
- How LibertyPay determined the most viable channels for their Bitcoin remittance product
- Why Brazil is a goldilocks zone for Bitcoin-powered remittances
- In which domains Bitcoin-based remittances outmatch the traditional system
- Why LibertyPay uses Bitcoin as their bridge currency and not another asset
- Why obtaining banking in 2014 was such a challenge
- Whether there was a coordinated attempt to unbank crypto companies in 2014-15
- Whether Kyle is optimistic about the future of digital cash
- Whether XRP will ever grow into its promise as a touted bridge currency
- Why Kyle views Bitcoin's base layer as more of SWIFT analogue rather than a payments network
- Why owning Bitcoin gives you exposure to all of its descendants, in the case of a dispute
- Why Bitcoiners should be excited about stablecoins