The Bank of the Future for your 6/7/8-Figure Business
Why the feeling of security in high street banks is gone, and how a business owner can take back control of their money with cryptocurrencies and cold wallets, using banks only for transactions.
After a recent event in the Middle East, Stefan Neuss of WERA Capital Partners believes that something fundamental has changed for every 6/7/8-figure business owner: the feeling that money is safe in the bank is gone. Many of his clients tell him the same.
Is your money really safe in a high street bank?
Neuss asked himself whether he can still trust high street banks, and his honest answer was no. His reasoning is that once money sits in a bank account, the contracts you signed make it the bank's money in practice. The bank can freeze it, block it or deny you access to it in your online banking at any time.
Could you still run your business?
He asks you to think through a hypothetical scenario in which banks are closed. Could you pay your suppliers, including those abroad? Could you pay your employees? Do you have liquidity somewhere outside your bank to keep the business running? Money is the lifeblood of any business, and without a solid solution it can quickly become bankrupt.
The solution: take back control
Together with WERA Capital Partners, Neuss worked out a solution: a cold wallet. In the video he shows a Ledger Nano X as an example, and says the team also uses other wallets. His point is that the numbers in your online bank are already digital, so in a digital world there is no real difference between them and funds held in a wallet.
The approach works in three steps:
- Take your money out of fiat bank accounts.
- Exchange it into special cryptocurrencies and store it in cold wallets.
- Whenever you need an amount, transfer it back to your fiat bank account and make your payments.
Neuss says this is how banking will work in the future, and that BRICS nations have started to use cryptocurrencies for trade and commodity deals between each other.
A global risk, a local effect
Finance is connected all over the world. Even though the event happened in the Middle East and Neuss is based in the UK, it can affect his business and yours. His aim is to make himself independent from such events, without trying to predict the future.
The bank of your future
The goal is 100% control over your money, with banks used only to make transactions and to hold the bare minimum needed to cover your monthly costs. Neuss announced further videos on how to set up your own bank of the future.
Want to find out how this could work for your business? Book a 1h private consultation over zoom.