Frank Schwab, a founder of the Fintech Forum in Germany, believes that bitcoin has proven itself, and banks could eventually become obsolete, according to an interview with Christoffer De Geer, marketing manager at XBT Provider, in The Street.
Schwab’s association with fintech began in 2012 when he came across a Berlin-based startup called Mambu which develops a cloud-based core system for microloans. Schwab was impressed with the IT architecture for the business model. He then learned about fintech activities in New York and London and decided to launch the FinTech Forum in Germany.
Schwab considers bitcoin to be the first globally relevant virtual currency that does not need the banking system. “It is a first of its kind. And: here to say,” he said.
Schwab said he does not plan to invest in bitcoin directly since he does not speculate in currencies, but he does invest in companies involved with blockchain technology.
Fintech And Financial Services
Schwab thinks fintech will make financial services more convenient, less expensive and more invisible