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This week for the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with CEO of Quontic Bank Steven Schnall to discuss Quontic’s recent move to offer a bitcoin-back debit card. The bitcoin-back debit card offer users 1.5 percent cash back on their purchases in the form of bitcoin. This represents Quontic’s first official cryptocurrency product and a massive step for Bitcoin’s financialization as Quontic is firmly a legacy banking institution.
Schnall and Keroles discussed Quontic’s history and mission-driven purpose, as well as Schnall’s personal adventures mining cryptocurrency and buying bitcoin many years ago. Schnall believes that Bitcoin is a new economic paradigm and that every financial institution will begin offering Bitcoin-related product in the coming decade.
The two also discussed the following topics:
- Schnall’s Bitcoin history
- Why Quontic was created
- Quontic Bank’s mission-oriented business
- Evolutions in bitcoin custody
- Bitcoin as a hard money
- Creating the bitcoin-back debit card product
- What is next for Quontic Bank and Bitcoin