Adam Bialy is the founder and CEO of Fiat Republic, the compliance-first, API-driven and highly secure and scalable bridge between banks and crypto. In this episode, Adam and Pete Townsend talk through the Fiat Republic vision, the current state of play between banks and crypto platforms that make Fiat Republic such a strong proposition, Adam’s unique leadership style, raising a $3.5mn seed round.and a little something about Taylor Swift!
This episode of MoneyNeverSleeps is sponsored by Philip Lee, one of Ireland’s fastest-growing corporate law firms and expert advisors at the heart of the Dublin and London start-up, fintech and crypto communities.
HIGHLIGHTS:
Adam Bialy on the journey to the Fiat Republic vision:
“I’ve been gathering all of those experiences and the different vantage points along the way, and I’m always about the journey, not just the destination. The journey got me to where I’m at right now and the journey is what we as the Fiat Republic team now continue together. That is what matters.
“The destination is important because it sets the vision, but the experience that you get from different vantage points or observations along the way is as important as your destination.”
Adam Bialy on the three components of the Fiat Republic value proposition:
“Looking at the multiple value propositions from different angles and combining them into one is very much the core of Fiat Republic. The first one is banking-as-a-service, which is the aggregation of banking rails and providing them through one single access point, which is an API.
“So, you only connect once to get access to seven, eight different currencies that are provided by eight different banks behind the scenes, but you as a business customer, you don’t see this. All you see is Fiat Republic or another banking-as-a-service player who you connect with through one API which allows you to send money through those rails or keep money on those rails. That is banking-as-a-service at its core – aggregation of banking and payment rails.
“The second value proposition, given that we are essentially a banking-as-a-service player specializing in crypto, is compliance-as-a-service, which is where we’re getting into some really difficult stuff.
“We’re trying to gather the biggest crypto players into this consortium, and while will give them some benefits, we really need their collaboration. We need you (the crypto players) to play with us in terms of compliance so that we can help you and help the crypto industry change the perception of you and your services with banks and the regulatory community.
“That conflict is so big – on the bank side, it’s often based on a misconception, i.e., ‘I think crypto is this, or I think crypto is that’. Then the bank’s CEO says something and suddenly, the entire department says the same thing, and then that results in the internal risk policy that is just banning crypto.
“The third part that is tying it all together is the consortium. Beyond just a compliance play or making crypto more palatable for the banks, we’re also trying to give the crypto industry a voice. This is a voice that has been lacking because this is a nascent industry still in its infancy.
“We’re trying to bridge that gap, gather them together, give them a voice, advocate for them with regulators, and join the lobby groups to represent our members. We’re going to leverage the understanding that we have from being in the middle of this to inform the parties that are not necessarily involved in crypto on a day-to-day basis.”
Adam Bialy on the current state of play between banks and crypto platforms:
“In crypto, we’re at this inflection point where fiat currency is absolutely necessary for crypto to take off in any meaningful manner because this is where customers come from. They come in via traditional currency, it’s the only way in – it’s the entry port.
“Without fiat as an entry port, you really can’t do web3. This isn’t even about web2, this is traditional banking, ma...