Fintech Business Podcast Fintech Recap: Kontig-uh-oh. Are Stablecoins Speed Running BaaS?
Jan 16, 2026
Alex Johnson, a savvy fintech commentator from Fintech Takes, dives into the captivating story of Kontigo, a fintech service supporting Venezuelans amidst severe economic turmoil. They unpack the nuances of anti-money laundering versus sanctions, and why stablecoin services matter. The discussion includes the complex infrastructure behind Kontigo, the accountability (or lack thereof) of service providers, and the geopolitics tied to crypto. Alex warns about rapid growth often hinting at financial mischief, all while maintaining a light-hearted tone.
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AML Isn't The Same As Sanctions
- AML and sanctions are related but distinct: AML targets financial crime broadly, while sanctions are geopolitical policy enforced via financial channels.
- Jason Mikula stresses US persons and companies must follow sanctions even if policies harm ordinary citizens.
Product Solved A Real Venezuelan Need
- Contigo let Venezuelans receive USD, convert to USDC, and off-ramp to bolívares via local rails like Bacomóvil.
- The product targeted store-of-value needs caused by hyperinflation and restricted access to Western banking.
Exchange-Rate Arbitrage Fueled Growth
- Contigo and similar apps could arbitrage Venezuela's official vs informal exchange rates to profit massively.
- That exchange-rate arbitrage likely underpinned rapid growth and raised suspicious unit economics.