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I see more and more encouragement for introducing crypto payments to businesses' payment flows.
While crypto is indeed a very innovative alternative payment method that can attract a whole new type of customer to our checkouts, it does not come without risks.
Let me share a story from my book, which explains why we always need to think before we act.
One day an old client called me.
I hadn’t spoken with him for ages, but we were connected on social media, so he’d been observing my journey in the world of payments from afar. He had a couple of trading companies, which had been using the same traditional bank for decades for all their banking needs.
He explained that even though he wasn’t a crypto enthusiast, he had wanted to try this “new thing called Bitcoin”. He’d gone online, registered with one of the biggest and most well-known crypto exchanges, sent them €500 from his bank account, and trusting his luck, waited a month for the value to increase. He was lucky indeed, as one month later the value of the same crypto asset increased to €550.
Thinking that he shouldn’t push his luck any further, he initiated a withdrawal on his investment directly back to the bank account he’d sent the original funds. Even though he’d gotten lucky in his trading, his luck ran out when it came to his bank.
Apparently, not only did they deny receiving any proceeds from a crypto exchange, but they also flagged his account and placed him in a higher-risk category for his crypto-related trading activities. His shock deepened when he got a phone call from the bank. This same bank handled all his company accounts, whereby he was listed as the ultimate shareholder and director, so since he himself was categorized as high risk, the bank also put all his companies into a higher risk category, which resulted in him paying higher bank fees.
Unfortunately, his Bitcoin adventure and €50 profit eventually resulted in the loss of approximately €2000 in banking fees within just one year.
While crypto is indeed a very innovative alternative payment method that can attract a whole new type of customer to our checkouts, it does not come without risks.
Let me share a story from my book, which explains why we always need to think before we act.
One day an old client called me.
I hadn’t spoken with him for ages, but we were connected on social media, so he’d been observing my journey in the world of payments from afar. He had a couple of trading companies, which had been using the same traditional bank for decades for all their banking needs.
He explained that even though he wasn’t a crypto enthusiast, he had wanted to try this “new thing called Bitcoin”. He’d gone online, registered with one of the biggest and most well-known crypto exchanges, sent them €500 from his bank account, and trusting his luck, waited a month for the value to increase. He was lucky indeed, as one month later the value of the same crypto asset increased to €550.
Thinking that he shouldn’t push his luck any further, he initiated a withdrawal on his investment directly back to the bank account he’d sent the original funds. Even though he’d gotten lucky in his trading, his luck ran out when it came to his bank.
Apparently, not only did they deny receiving any proceeds from a crypto exchange, but they also flagged his account and placed him in a higher-risk category for his crypto-related trading activities. His shock deepened when he got a phone call from the bank. This same bank handled all his company accounts, whereby he was listed as the ultimate shareholder and director, so since he himself was categorized as high risk, the bank also put all his companies into a higher risk category, which resulted in him paying higher bank fees.
Unfortunately, his Bitcoin adventure and €50 profit eventually resulted in the loss of approximately €2000 in banking fees within just one year.
Great to see Elliot Chun from Architect Partners on CNBC Crypto World talking about the Robinhood / Bitstamp merger and discussing the ‘rapidly increasing pace’ of crypto M&A activity - https://youtu.be/T7VzA_Y0euU?si=Haiw7-59W_qDh7Yg&t=243
Bitcoin drops to $67,000 level as crypto investors await Fed’s decision on rates: CNBC ...
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s a...
2 comments
Elliot C.
Jun 11, 2024 - 6:27PM
Thanks for the shoutout, Angel Lorente.
The Crypto and Blockchain environment is [finally] improving after a tough two years.
The transition from #TheGreatPurge to #TheGreatSurge is complete.
It's go time!
The Crypto and Blockchain environment is [finally] improving after a tough two years.
The transition from #TheGreatPurge to #TheGreatSurge is complete.
It's go time!
Angel L.
Jun 11, 2024 - 6:03PM
Greg Chew you should connect with Elliot Chun. I believe you guys would have a lot to talk about in the crypto space.
I am currently working with the folks at Money 20/20 to get our Premium members access to TwentyFold, an exclusive fintech intelligence platform powered by Money20/20 that helps financial services and business service providers and fintech entrepreneurs find partnership and investment opportunities.
We will offer a 14-day, full-access to 100 Pro members for business and investor development.
We will give you 3 months of full access to the first 15 Premier members that sign up.
FYI - The entry level subscription for this service is $10,000 / year all the way up to $25,000 / year for large, enterprise organizations so this is a great opportunity to get access to an incredible resource at a fraction of the cost.
How can you get access?
Upgrade to Pro or Premier Yearly today and we will provide access to the platform by July 1st.
If you are already a Pro Yearly member then you are on the list...nothing further to do for now.
Check out some of the screens from the app.
We will offer a 14-day, full-access to 100 Pro members for business and investor development.
We will give you 3 months of full access to the first 15 Premier members that sign up.
FYI - The entry level subscription for this service is $10,000 / year all the way up to $25,000 / year for large, enterprise organizations so this is a great opportunity to get access to an incredible resource at a fraction of the cost.
How can you get access?
Upgrade to Pro or Premier Yearly today and we will provide access to the platform by July 1st.
If you are already a Pro Yearly member then you are on the list...nothing further to do for now.
Check out some of the screens from the app.
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Master C.
Jan 8, 2023
We are looking for the best of the best from our members to join our Premier Master Enabler Program. Focusing right now on International Expansion and New Market Entry professionals for Europe, Latin America, and the USA. Interested in learning more message Master Connector here or email - masterenabler@fintechconnector.com
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Master C.
Aug 9, 2022
Meet our FinTech Connector Switzerland Cruise sponsors on September 9th in Zurich.
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
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Master C.
Jun 17, 2022
As the global economic environment is shifting, now more than ever partnering with the right organizations to increase business opportunities, focus on revenue growth, and drive innovation is critically important.
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
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Stephen W.
Mar 18, 2022
See our recent WealthTech 2022 report for a range of viewpoints and thinking on the main trends for WealthTech in 2021/2022.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
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Angel L.
Jan 11, 2023
I wrote an article that highlights the opportunities and challenges of digital transformation in banking and covers points on having a well-thought-out plan, organizational culture, and how to get started with partners that have done it already.
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
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Luisa F.
Mar 7, 2024
Hello Fintech Connector Community! I have a bank client looking for fintechs that are interested in bank sponsorship. If you're in the market for a bank sponsor, please message me.
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Angel L.
Apr 17, 2022
Another powerful report from FIS on global payments. This is a 156-report that gives you global payments trends, key insights, and other important ecosystem information.
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
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Master C.
Oct 5, 2022
Great seeing our Mexico Community Partner Sofia Gamboa on El Financiero Factor Fintec speaking with Sergio Loredo about fintech in Mexico.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
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Master C.
May 13, 2022
SWITZERLAND IS CALLING ALL FINTECH CONNECTOR MEMBERS...
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
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Angel L.
Nov 11, 2022
Great to see how we have come a long way since our Meet Ups at Hurley's in NYC to now travelling the world to connect people, opportunities, and capital. Looking forward to our 2023 FinTech Connector events being announced shortly.
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
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