Scott Galit on cryptocurrency regulation
From Payoneer CEO Scott Galit: Cross-border B2B payments seeing strong growth · · AlphaStreet
“We're certainly looking at crypto and exploring things, but regulatory comfort and appetite for crypto varies around the world — today there are stories India is going to ban cryptocurrency and we've seen that in China — so we're preparing to offer capabilities carefully so we don't undermine small businesses or move too far too fast into areas that are grayer than regulators are prepared to deal with.”
On , Scott Galit, Senior Advisor & Director at PAYONEER GLBL INC, spoke about cryptocurrency regulation during Payoneer CEO Scott Galit: Cross-border B2B payments seeing strong growth on AlphaStreet.
About Scott Galit
Scott Galit, Senior Advisor and Director at Payoneer Global, has spoken about the company's growth strategy and the challenges of building a fintech business. In a 2018 talk, he described fintech as having "more friction" than other businesses due to risk, regulation, and compliance, and said that Payoneer's total addressable market (TAM) and global coverage remained the same from 2011 to its 2021 IPO, but that the company expanded its serviceable addressable market (SAM) by adding products and market segments. Galit stated that by the time of the IPO, Payoneer had expanded its SAM to an estimated $3 trillion, providing "a credible path as a public company to a billion dollars of revenue." In a 2022 interview, Galit discussed Payoneer's role in the digitalization of global commerce, noting partnerships with companies like Amazon, Google, and Airbnb, as well as banks integrating Payoneer's payment capabilities. He said the company was "exploring" cryptocurrency but proceeding carefully due to varying global regulatory comfort, and mentioned collaboration on a blockchain infrastructure for central bank digital currencies called the Regulated Liability Network. During a 2020 panel on COVID-19's impact, Galit said Payoneer began dealing with the pandemic in January with its teams in China and Hong Kong, and that the company adjusted its working capital platform because machine learning models could not be relied upon during "great crisis and uncertainty."