Fintech Impact Balance with George Bordianu (CEO) | E41
Summary:
During the 41st episode of the Fintech Impact podcast, Jason Pereira, award-winning financial planner, university lecturer, writer, welcomes George Bordianu, Co-Founder of Balance. Balance is a cryptocurrency solution that allows people to invest and diversify their assets. Balance offers customers simplicity and ease while navigating the cryptocurrency. Jason and George delve into the intricacies of cryptocurrency and how Balance solves customer pain points.
Show Notes:
● 0:50—Introduction of guest George Bordianu, Balance.
● 1:00—Balance is the easiest way to invest in cryptocurrency.
● 2:55—Balance was born out of frustration.
● 4:40—There is no pool of money; there is clear distinction between each clients share.
● 6:17—With Balance, you can buy a diversified portfolio with one click.
● 7:24—People pay a little larger fee without having to worry about diversifying.
● 8:40—There is a finite set of finance business models but there is an infinite number of scams.
● 9:15—Unlike Robo-advising, Balance cannot talk about their risk. Balance exists just to provide access.
● 11:00—Balance doesn ́t make decisions for their clients.
● 12:39—Balance does all of the tech behind the scenes, but do not currently do rebalancing. Right now, rebalancing qualifies as advice.
● 15:30—George wanted to build something that he would be comfortable investing his own money.
● 16:10—Balance offers their customer solution to individuals as well as businesses.
● 17:50—Cold Storage means that your keys get stored offline. Your crypto is secure in this storage method. Some companies even go as far as holding paper copies.
● 20:10—Balance doesn't ́t charge for monetizing or transferring your money. It is transparent with their fees.
● 22:06—Balance provides cold storage for a charge.
● 23:00—Balance provides value for customers who choose to hold their crypto with them rather than monetizing.
● 24:00—George discusses the challenges of creating Balance. Many challenges are intertwined with regulation of the market.
● 27:20—Balance offers customers simplicity. In a complex market like cryptocurrency, simplicity is hard to find. The fee structure Balance offers is greater than their competitors.
● 30:20—George is excited by the personal aspect of building a solution for cryptocurrency.
3 Key Points:
1. Cryptocurrency can be very complex. Balance is a company that created the technology to make trading and diversifying in Cryptocurrency as easy as pressing a button.
2. Balance strictly provides the technology to make investi and ng easier, but they do not give advice in the field as it is unregulated.
3. Balance not only provides ease but also takes the non-transparent fees out of this service adding the most value for customers.
Tweetable Quotes:
- ̈ We [Balance] went for pretty much anything [currencies] that is real value and stable enough and liquid so we can get out of the market when our clients want.” –George.
- “There is no pool of money. We maintain fully segregated wallets for each of our clients.” – George.
- “ We [Balance] are just here to provide access.” – George.
Resources Mentioned:
● The Fintech Impact
● Itunes to access the podcast
● Refer to Jason Pereira ́s Linkedin for Information about the Fintech events
● George Bordianu
● Woodgate Financial
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