Zac Prince on the Future of Banking With Bitcoin

In this episode, I talk with Zac Prince, Founder and CEO of BlockFi, a company offering loads back by cryptocurrencies. We discuss credit and debt services with Bitcoin, how BlockFi works and the future of banking with crypto.

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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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00.03.38 - Welcome and intro
00.05.25 - Zac’s background prior to BlockFi
00.13.00 - The foundations of BlockFi
00.16.06 - Raising funds for BlockFi
00.18.27 - BlockFi business model
00.21.37 - Legitimising crypto
00.22.51 - Services for emerging markets
00.25.02 - How the BlockFi service works
00.36.21 - How regulations impact BlockFi
00.46.01 - The future of banking with crypto
00.49.02 - New products coming to BlockFi
00.53.05 - What excites Zac about the future of crypto
00.56.06 - The future for BlockFi