Green Bay’s Fintech Company to bring crypto technology to your community bank

Green Bay’s Fintech Company to bring crypto technology to your community bank
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Business

Green Bay’s Fintech Company to bring crypto technology to your community bank

Sequoir, a Green Bay-based fintech firm, sees the future of banking as a collection of digital assets.

05/12/2022

A Green Bay-based business is giving community banks fresh hope in the fast-growing competitive world of cryptocurrencies and secure blockchain transactions.

The product is a software that incorporates this new technology with the existing online framework provided by banks.

Many people still find the language and functioning difficult to grasp. There are also limits for American banks that engage in the cryptocurrency-related activity.

However, people continue to talk about it, and the entire value of cryptocurrency surpassed $2 trillion in the first few months of 2022.

In the midst of all of this, Sequoir, a Green Bay-based fintech firm, sees the future of banking as a collection of digital assets.

This startup envisions a future with blockchain technology integrated. A distributed digital ledger of encrypted transactions maintained across a global public network.

Crypto Revolution Opens Up New Business Opportunities

Justin Seidl, the founder, and CEO of software firm Sequoir was born and raised in Luxemburg, which is just 20 minutes from Green Bay. He attended the University of Wisconsin-Green Bay and spent five years in Chicago as the head of product for the recruiting agency Hunt Club.

In 2018, he moved to Green Bay with his wife and, around the same time, launched Sequoir. Seidl said the name is a combination of “Sequoia” and “acquire,” and the offices are in downtown Green Bay’s Historic Bellin Building.

He predicted the crypto revolution and predicted that banks and credit unions will eventually get in, increase their product offerings, and integrate the technology.

Saving on third-party trading apps fees

One of the things that drew investors in was the interface Sequoir provides, which will enable banks to regain a lot of assets from third-party trading apps like Coinbase by “giving consumers access to crypto markets via the bank itself.”

In addition, the company engaged in a partnership with Jack Henry, a technology corporation based in Monett, Missouri, that provides payment processing services to the financial industry. They serve over 8,500 clients across the country, including over 1,500 banks and credit unions.

In 2021, Seidl decided to pivot to a service model, using Sequoir’s built-in software to instead offer the blockchain technology to financial institutions.

The significant advantage for consumers who choose to enter these markets through their personal bank is that they will not have to pay the transfer fees that third-party crypto trading organizations charge.

Clients that use these firms pay a 1.5 percent cost for using the Automated Clearing House Network, a fund-transfer system used by organizations for payroll, direct deposit, tax payments and refunds, and other services, as well as a 3.5 percent price for using credit cards, according to Seidl.

Customers would simply have to pay the difference between the buying and selling price of a cryptocurrency, also known as the “spread” in trading.

The head of the Bank of Kaukauna, John Brogan, sees cryptocurrency as another commodity that banks can offer. However, he recognizes that this technology will provide further benefits to community banks and their customers.

By Elah Mae Ariate Wozinga Staff

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