Joey Bertschler, a former OpenAI employee, is making waves in the fintech world with his innovative startup, Volante Chain. This venture aims to revolutionize how employees access their wages, offering a crypto-powered earned wage access system. Through Volante, employees can receive their daily wages on the same day they work, a significant departure from the traditional monthly pay cycle. This approach is particularly impactful for individuals living paycheck to paycheck, as Bertschler notes, “30 days of taking your freedom away, of choosing what to do with your money.”
Bertschler showcased his startup at German Blockchain & AI Week, sharing his journey from OpenAI to the burgeoning field of financial technology. His experience at OpenAI, where he helped businesses utilize early AI tools, gave him valuable insights that he’s now applying to blockchain technology. Volante leverages blockchain for seamless record-keeping, which reduces costs and allows for low transaction fees. By using a verified ledger, the platform ensures transparency and efficiency in wage distribution.
What sets Volante apart isn’t just its blockchain infrastructure; it also employs artificial intelligence to predict employer defaults and assess risks in real time. Bertschler describes the system as a hybrid model—partially AI-driven but with necessary human oversight and legal review. This nuanced approach allows for pattern detection and data-driven decision-making while still retaining a human touch. Bertschler emphasized that while AI plays an integral role, it does not operate autonomously, ensuring that human judgment remains a part of the process.
Currently, Volante has successfully raised about $2 million from private investors, which Bertschler believes is sufficient to sustain operations for the next five years without further capital injections. This lean operational model reflects the startup’s commitment to efficient resource management. As part of its development, Volante is conducting a minimum viable product trial with a few thousand test users in Vietnam and Japan, marking an important step towards wider-scale deployment.
Bertschler’s transition from OpenAI was motivated by several factors, including attractive opportunities elsewhere and dissatisfaction with internal policies. As a non-US employee, he faced limitations regarding career advancement and stock options. He expressed frustration that non-US team members often felt marginalized, stating, “We were paid fair wages, but we didn’t get any stock options, and we couldn’t really rise in our roles.” The inability to share his professional contributions on platforms like GitHub further complicated his career trajectory.
OpenAI, once celebrated for its collaborative ethos, is increasingly perceived as secretive and profit-driven, especially following Microsoft’s significant investment in the company. Bertschler criticized this shift, arguing that it contradicts OpenAI’s foundational principles. He stated, “You can absolutely call it closed AI,” reflecting concerns that the focus has shifted away from open collaboration and accessibility.
Recent reports suggest that Microsoft is negotiating the terms of its investment deal with OpenAI, leading to speculation about the organization’s future direction. While OpenAI has attempted to pivot towards a profit-driven model, it has faced backlash from co-founders and early investors. In an effort to address these concerns, OpenAI announced in early May that it would re-establish itself as a public benefit corporation, which would legally obligate it to consider social and public good objectives. This announcement highlights the ongoing tension between profit motives and ethical responsibilities in the tech industry.
As Bertschler forges ahead with Volante, his story serves as a reminder of the broader changes taking place in the tech landscape. More than just a fintech solution, Volante underscores the necessity of evolving payment systems to better serve today’s workforce. The transition to same-day wage access may disrupt traditional financial practices, but it aligns with a growing demand for flexibility and empowerment among employees.
In conclusion, the world of financial technology is ripe for transformation, and Joey Bertschler’s Volante Chain is at the forefront of this change. By leveraging blockchain and AI, he is simplifying the wage access process and providing employees with the financial autonomy they deserve. As organizations like OpenAI navigate their own challenges and transformations, it remains essential for innovators like Bertschler to continue pushing for solutions that prioritize individuals’ needs. The future of work is changing, and with it, our understanding of how wages can be accessed, managed, and utilized.
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