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Categories: What Bitcoin Did

What Bitcoin Did #51 The Future of Banking with Zac Prince

Published on November 27th, 2018 by DSholla

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“I think the term bank won’t be used so much when we are talking about banking services 20 years from now.”

— Zac Prince

Interview location: New York

Interview date: Wednesday 21st Nov, 2018

Company: BlockFi

Role: Founder and CEO

A sign of the maturing market is the growth of traditional financial products built for cryptocurrencies. Both the corporate and retail financial sectors understand the benefits of crypto, and thus a range of companies and institutions are bringing products to market.

One of these such companies is BlockFi who offer loans backed by cryptocurrencies. BlockFi recognised that there are crypto holders who want to use the value of their crypto without selling and therefore provide loans which are collateralised with Bitcoin, Litecoin and Ether.

BlockFi also recognises that the future of banking may be very different from the high street retail banking experience of today. The company is arguably a bank, if not, then they are at least a competitor, able to offer a growing range of financial products to a global customer base. While some people do not like stablecoins, BlockFi can utilise them to provide financial products to customers in emerging markets who want access to dollar loans.

In this interview, I chat with BlockFi Founder and CEO Zac Prince about why he is building BlockFi, what the future of banking with Bitcoin looks like and how BlockFi is building new products to service a financial world which includes cryptocurrencies.

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