Danny Scott started mining BTC in 2013 and went from debanked to disruptor.
"Many banks remain wary of crypto due to a fundamental lack of understanding."
The relationship between traditional banks and the cryptocurrency industry has been, to put it mildly, strained. While Bitcoin continues to gain mainstream attention, many financial institutions remain hesitant to embrace this new asset class. To understand this dynamic, we spoke with Danny Scott, co-founder and CEO of CoinCorner, a Bitcoin exchange company at the forefront of this technological shift.
Scott's early involvement in Bitcoin and debanking provides a unique perspective on both what it means to be an early BTC adopter and the friction between traditional financial
systems and the rapidly expanding cryptocurrency market.
CoinCorner wasn't just an early adopter of Bitcoin, they were pioneers. Scott himself began mining Bitcoin in 2013, a time when the fledgling cryptocurrency was still a fringe concept. This head start has allowed CoinCorner to witness the evolution of Bitcoin firsthand, and more importantly, to navigate the challenges and opportunities that come with being an early mover in such a fast-paced environment.
On the Public Perception of Bitcoin
When asked what the biggest hurdles preventing widespread public adoption of cryptocurrencies for everyday transactions were, Scott didn’t skip a beat. Education on crypto is lackluster.
“One of the biggest challenges facing widespread Bitcoin adoption is the public perception of cryptocurrencies. Here, the issue is twofold. Meme tokens, with their wild price swings and often ludicrous purposes, create a sense of volatility and frivolity that overshadows the potential of serious projects like Bitcoin. Additionally, the technical aspects of cryptocurrency can be daunting for newcomers. The unfamiliar vocabulary and complex processes can create a barrier to entry, discouraging potential users who might otherwise be interested.”
Scott acknowledges these hurdles. However, he argues that these are temporary obstacles that will be overcome with time and education.
“A key factor in this education process will be a generational shift. Younger demographics, already comfortable with digital technology, are more likely to embrace cryptocurrencies. As this generation grows in influence, the overall perception of crypto is likely to improve.”
But the challenges aren't limited to public perception. The traditional banking system itself presents a significant hurdle.
On Crypto Education, Risk Aversion, and Getting Debanked
“Many banks remain wary of crypto due to a fundamental lack of understanding. Just as some early internet entrepreneurs faced resistance from established businesses, cryptocurrency companies today encounter similar skepticism from the financial world. This lack of education often manifests as risk aversion. Banks, naturally cautious institutions, are hesitant to embrace something they don't fully comprehend and will only do so when they find it to be compatible with their business model.”
This risk aversion can even manifest in what's known as debanking. De-banking is the closure of a customer's bank account by a bank that perceives the customer to be a financial, legal, regulatory, or reputational risk. Scott himself experienced this firsthand in 2016 when his own bank account was closed simply because he was associated with a Bitcoin exchange.
The good news, according to Scott, is that “this resistance is likely to soften in the face of growing public interest and potential financial benefits. As Bitcoin adoption increases, banks will eventually realize that they can't afford to ignore this new asset class.”
“There's simply too much potential value at stake.”
CoinCorner, for example, is already demonstrating the ways in which banks and crypto companies can collaborate. Recognizing the limitations imposed by traditional banking systems, CoinCorner boasts its own Electronic Money Institution (EMI) accounts, effectively bridging the gap for their customers. Additionally, CoinCorner has other developments in the works which will further blur the lines between the traditional and the digital.
This willingness to adapt and innovate is a key strength of the cryptocurrency industry. Companies like CoinCorner are finding creative solutions to the problems posed by a wary banking system. However, the onus shouldn't solely fall on crypto companies. Banks also need to take a proactive approach.
Scott's message to traditional banks is clear: “Embrace Bitcoin. Don't be caught flat-footed like Blockbuster, a once-dominant company that failed to adapt to the changing technological landscape.”
The future of finance is likely to be a hybrid one, with traditional banks and cryptocurrency companies coexisting and collaborating. By embracing Bitcoin now, banks can position themselves to be a part of this exciting new chapter in financial history.
The relationship between traditional banks and the cryptocurrency industry has been, to put it mildly, strained. While Bitcoin continues to gain mainstream attention, many financial institutions remain hesitant to embrace this new asset class. To understand this dynamic, we spoke with Danny Scott, co-founder and CEO of CoinCorner, a Bitcoin exchange company at the forefront of this technological shift.
Scott's early involvement in Bitcoin and debanking provides a unique perspective on both what it means to be an early BTC adopter and the friction between traditional financial
systems and the rapidly expanding cryptocurrency market.
CoinCorner wasn't just an early adopter of Bitcoin, they were pioneers. Scott himself began mining Bitcoin in 2013, a time when the fledgling cryptocurrency was still a fringe concept. This head start has allowed CoinCorner to witness the evolution of Bitcoin firsthand, and more importantly, to navigate the challenges and opportunities that come with being an early mover in such a fast-paced environment.
On the Public Perception of Bitcoin
When asked what the biggest hurdles preventing widespread public adoption of cryptocurrencies for everyday transactions were, Scott didn’t skip a beat. Education on crypto is lackluster.
“One of the biggest challenges facing widespread Bitcoin adoption is the public perception of cryptocurrencies. Here, the issue is twofold. Meme tokens, with their wild price swings and often ludicrous purposes, create a sense of volatility and frivolity that overshadows the potential of serious projects like Bitcoin. Additionally, the technical aspects of cryptocurrency can be daunting for newcomers. The unfamiliar vocabulary and complex processes can create a barrier to entry, discouraging potential users who might otherwise be interested.”
Scott acknowledges these hurdles. However, he argues that these are temporary obstacles that will be overcome with time and education.
“A key factor in this education process will be a generational shift. Younger demographics, already comfortable with digital technology, are more likely to embrace cryptocurrencies. As this generation grows in influence, the overall perception of crypto is likely to improve.”
But the challenges aren't limited to public perception. The traditional banking system itself presents a significant hurdle.
On Crypto Education, Risk Aversion, and Getting Debanked
“Many banks remain wary of crypto due to a fundamental lack of understanding. Just as some early internet entrepreneurs faced resistance from established businesses, cryptocurrency companies today encounter similar skepticism from the financial world. This lack of education often manifests as risk aversion. Banks, naturally cautious institutions, are hesitant to embrace something they don't fully comprehend and will only do so when they find it to be compatible with their business model.”
This risk aversion can even manifest in what's known as debanking. De-banking is the closure of a customer's bank account by a bank that perceives the customer to be a financial, legal, regulatory, or reputational risk. Scott himself experienced this firsthand in 2016 when his own bank account was closed simply because he was associated with a Bitcoin exchange.
The good news, according to Scott, is that “this resistance is likely to soften in the face of growing public interest and potential financial benefits. As Bitcoin adoption increases, banks will eventually realize that they can't afford to ignore this new asset class.”
“There's simply too much potential value at stake.”
CoinCorner, for example, is already demonstrating the ways in which banks and crypto companies can collaborate. Recognizing the limitations imposed by traditional banking systems, CoinCorner boasts its own Electronic Money Institution (EMI) accounts, effectively bridging the gap for their customers. Additionally, CoinCorner has other developments in the works which will further blur the lines between the traditional and the digital.
This willingness to adapt and innovate is a key strength of the cryptocurrency industry. Companies like CoinCorner are finding creative solutions to the problems posed by a wary banking system. However, the onus shouldn't solely fall on crypto companies. Banks also need to take a proactive approach.
Scott's message to traditional banks is clear: “Embrace Bitcoin. Don't be caught flat-footed like Blockbuster, a once-dominant company that failed to adapt to the changing technological landscape.”
The future of finance is likely to be a hybrid one, with traditional banks and cryptocurrency companies coexisting and collaborating. By embracing Bitcoin now, banks can position themselves to be a part of this exciting new chapter in financial history.
Exclusive: After 11 Years at Trive (Formerly GKFX), Materla Returns as European Hub CEO
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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