Last night, Fintech Aviv, a Tel Aviv based fintech networking meetup hosted by CurrencyTransfer devoted the evening to the Bitcoin sector. Similar to previous meetups, the evening included demos from startups and a keynote speaker. Demoing were representatives from Bitcoin Authenticator, Bitcoin Rated, Algobit and Polycoin (more on their presentations).
Beginning the evening was a keynote from Eden Shochat from venture capital firm Aleph. His talk centered on the opportunities involved with bitcoins and how it relates to their overall fintech industry.
Shochat explained that the internet has caused disruption in virtually every industry, with the travel sector the first to really be affected. However, highly regulated industries are taking longer to be disrupted. But more Regulation means greater inefficiencies and potential opportunities for innovation. In this regard, Shochat specifically mentioned the financial industry.
Regulatory inefficiencies
As for examples of regulation and inefficiencies, Shochat cited that the remittance market is filled with fees since it caters to unbanked customers. As they don’t fall under a bank’s typical customer base, existing financial infrastructure ignores the unbanked. Elsewhere, he noted that in Europe and much of the world, bank wires are operated using the Swift agency. However, they don’t provide settlelement, which leads to lost funds among transfers sent between the largest banks in the world.
Another example is government monetary controls which inhibits the free flow of cash both domestically and abroad. As a side effect, this had created black market trades for foreign currencies and illegal transfer services. In regards to bitcoins, Shochat stated that the “Chinese are buying bitcoin miners with the yuan at a loss, just so they can get their money out of the country.”
A bitcoin Uber?
Shochat noted that internet disrupters tend to need to battle existing regulation. He brought Uber and Airbnb as examples, noting that of the billions of dollars Uber has raised, much of it is going towards funding legal battles they have in both existing and potential markets. However, Shochat explained that despite the friction against Uber, in their launch city of San Francisco, even though they have achieved $400 million of revenue in the region, the local taxi market in the city has remained untouched at around $135 million. This means that, rather than disrupting taxis, Uber has become an alternative to driving.
Shochat explained that in the taxi or hotel industry where an Uber or Airbnb can enter a market illegally, their potential punishment is limited to paying fines until they either exit the market or prevail in court to change regulation. However, this contrasts the financial industry where punishments often include jail time or seizing of funds.
The bigger picture is that the existing regulation, which limits the use cases of fintech and bitcoin, has caused the disruption opportunity to remain huge. As a result, the question is, who can combat this regulation problem to arrive at the opportunity referred to by Shochat and many others and be the Uber of the bitcoin industry?
Last night, Fintech Aviv, a Tel Aviv based fintech networking meetup hosted by CurrencyTransfer devoted the evening to the Bitcoin sector. Similar to previous meetups, the evening included demos from startups and a keynote speaker. Demoing were representatives from Bitcoin Authenticator, Bitcoin Rated, Algobit and Polycoin (more on their presentations).
Beginning the evening was a keynote from Eden Shochat from venture capital firm Aleph. His talk centered on the opportunities involved with bitcoins and how it relates to their overall fintech industry.
Shochat explained that the internet has caused disruption in virtually every industry, with the travel sector the first to really be affected. However, highly regulated industries are taking longer to be disrupted. But more Regulation means greater inefficiencies and potential opportunities for innovation. In this regard, Shochat specifically mentioned the financial industry.
Regulatory inefficiencies
As for examples of regulation and inefficiencies, Shochat cited that the remittance market is filled with fees since it caters to unbanked customers. As they don’t fall under a bank’s typical customer base, existing financial infrastructure ignores the unbanked. Elsewhere, he noted that in Europe and much of the world, bank wires are operated using the Swift agency. However, they don’t provide settlelement, which leads to lost funds among transfers sent between the largest banks in the world.
Another example is government monetary controls which inhibits the free flow of cash both domestically and abroad. As a side effect, this had created black market trades for foreign currencies and illegal transfer services. In regards to bitcoins, Shochat stated that the “Chinese are buying bitcoin miners with the yuan at a loss, just so they can get their money out of the country.”
A bitcoin Uber?
Shochat noted that internet disrupters tend to need to battle existing regulation. He brought Uber and Airbnb as examples, noting that of the billions of dollars Uber has raised, much of it is going towards funding legal battles they have in both existing and potential markets. However, Shochat explained that despite the friction against Uber, in their launch city of San Francisco, even though they have achieved $400 million of revenue in the region, the local taxi market in the city has remained untouched at around $135 million. This means that, rather than disrupting taxis, Uber has become an alternative to driving.
Shochat explained that in the taxi or hotel industry where an Uber or Airbnb can enter a market illegally, their potential punishment is limited to paying fines until they either exit the market or prevail in court to change regulation. However, this contrasts the financial industry where punishments often include jail time or seizing of funds.
The bigger picture is that the existing regulation, which limits the use cases of fintech and bitcoin, has caused the disruption opportunity to remain huge. As a result, the question is, who can combat this regulation problem to arrive at the opportunity referred to by Shochat and many others and be the Uber of the bitcoin industry?
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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