This interview is part of our new Blockchain In Banking series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and banking.
In this interview we speak with Victoria Brodsky, COO of BlockchainBTM, to understand how this company is using blockchain to transform the banking business, and what the future of the industry holds.
1. What’s the story behind BlockchainBTM? Why and how did you begin?
VB: BlockchainBTM started in 2017 when a group of entrepreneurs from Orange County decided to place BTM machines around the southern California area. We knew that breaking into the blockchain space was important to do future, larger projects. So we decided to start a smaller-scale, yet profitable business that would allow us to learn more about crypto and blockchain.
2. Please describe your use case and how BlockchainBTM uses blockchain:
VB: Simply the use and prevalence created by BTM operators like BlockchainBTM increases accessibility to cryptocurrency. Users no longer need a bank account to digitally send money to their peers. Peer-to-peer transactions that services like us contribute to the transformation of financial autonomy. Although nothing about BTM's is groundbreaking, we are building on an ecosystem that is groundbreaking, and in the meantime, educating our customers about the industry, which might be the most important part of it all – increasing awareness and education around blockchain and cryptocurrencies.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
VB: Despite its fast growth, crypto is still very unfamiliar to most people. People who are new to the idea of bitcoin can easily and quickly learn to download a wallet and buy bitcoin or litecoin with cash at our machines. This is a much simpler way of onboarding than most online exchanges. In addition, we offer a variety of different flyers and brochures that go over what bitcoin is, where it's accepted, how to avoid fraud, and how to use the machine. We've also recently launched a program that would allow individuals to own their own machine, but use BlockchainBTM for backend management, compliance, and other operations.
4. What other blockchain use cases in the banking industry are you excited about?
VB: In general, blockchain holds a lot of promises to make processes more efficient overall. We are most excited about blockchain transforming the way in which we do cross border payments. Most solutions are in need of disruption, and distributed ledger technology is doing just that for the remittance and cross-border payment industry.
5. Where will BlockchainBTM be in 5 years?
VB: We plan to have 1,000 machines placed around the US, offering multiple services at every location. Additionally, we hope to be operating a cross-border payment solution with physical BTM's.