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How about a Dash banking licence to shift the fiat gateway initiative into overdrive?


Active member
I made this comment on a reddit post but hoped for more response than it got. https://www.reddit.com/r/dashpay/comments/6opctd/my_big_takeaways_from_dash_core_team_q2/dkjt3pv/

To the best of my knowledge, to date the fiat gateway initiative has relied on third parties to be go-betweens for Dash users and yester-year's mumified fiat money institutions.

What if Dash initiated a business chartered to actually do well by its Dash customers instead of being devoted to glacial negotiations to only screw us for slightly less fees than their next worst competitor? A business that actually has our best interests at heart?

Take the food right out of the mouths of the business-as-usual useless eaters as well as distinguish Dash far beyond our crypto competition.
Knowing little else about the deliberately obfuscated and convoluted business of fiat money, my only thoughts are that the business should be located in Switzerland to better fend off bureaucratic attack from places that suffer from government overreach.
Switzerland is still exposed to anti-terrorism/anti-money laundering laws.

The competitive moat of current exchanges is dependent upon state-by-state licensing costs (including legal fees and compliance) or about $10 million nationwide. If you've got $10 million + 1 year to implement, you can play stateside. Dash's treasury is hypothetically large enough to create its own Coinbase if the states are staggered in, though I imagine we would also have to offer Bitcoin, Ethereum --and perhaps Ripple-- in order to generate the necessary volume required for profitability.
I'm not sure I like this idea. From a regulatory standpoint I think it's best for DASH (or any other crypto) to not touch fiat at all. Cryptos will be attacked by several misguided governments some day in the not-so-distant future. Owning a fiat-crypto gateway would just make us a bigger target. For resiliency & regulatory reasons I think it's best to let 3rd parties handle the gateways.