Bitcoin and the Banking system: slammed doors and legacy flaws

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They say keep your friends close and your enemies closer. Cointelegraph spoke to Bitcoin-only businesses about their experiences working with banks.

. Ben Price, founder of the Bitcoin Company, recently shared that they’d lost “dozens of dozens of banking partnership opportunities simply because we’re a Bitcoin company.”We’ve lost even more for simply following the law and fighting to minimize required user data and re-normalize financial privacy.Price was a product manager at Visa for years before founding the Bitcoin Company.

Price grew frustrated while working at Visa — not because he was a “hardcore Bitcoin maxi” — but due to slow progress. According to him, projects relating to payments, , noncustodial wallets and more were regularly shuttered or mothballed. Plus, the legacy finance system’s inner workings came into question. Carman told Cointelegraph:The Bitcoin Company is part of a new range of Bitcoin “neobanks” — banks that treat Bitcoin as native currency alongside fiat. From The Bitcoin Company in the United States to

 

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