What if we could be a payments only, 100% reserve backed bank around the world?
“I always love telling people it was the first payments we cleared.”
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And that's really what got us to start LoRaM was actually, what if we could be this clearing bank on both sides of the transaction, a payments only, a 100% reserve backed bank around the world? And we, we we started that in The Middle East because there was so much money moving to The Middle East, but so little infrastructure. I always love telling people it was the first payments we cleared. I used to have to print paperwork, wet sign it, and courier it to a branch in Dubai.
Why this clip
Clear articulation of a contrarian business model with specific mechanics. The 'wet sign and courier to Dubai' detail makes abstract clearing tangible. Perfect for explaining how modern payments should work.
What they said next
I started my first business when I was 18, dropped out of university, and became super obsessive with payments.
0:39 - 37s · Origin Story
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