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Fortunately we're not acting as a money transmitter, but rather as a fiscal sponsor - see https://en.wikipedia.org/wiki/Fiscal_sponsorship https://en.wikipedia.
by zachlatta 8y ago
Fortunately we're not acting as a money transmitter, but rather as a fiscal sponsor - see https://en.wikipedia.org/wiki/Fiscal_sponsorship https://en.wikipedia.org/wiki/Fiscal_sponsorship.
A very common practice in the non-profit world, but very much not something that is accessible to students. Most fiscal sponsors out there are very bureaucratic and not set up to handle short-term engagements like hackathons.
- Sangermaine 8y agoYou've had an attorney with experience in this area confirm and help establish (e.g., by drafting the sponsorship contract) this arrangement?
- zachlatta 8y agoYup, we're working with a non-profit law firm here.
- mkirklions 8y agoHard work and innovation vs Government monopolies written by the establishment... Oh please government keep me safe from these nice people....
- zbruhnke 8y agoHey Zach, if you want to open bank accounts with an API and be able to provide real time balances to your users ping me ... I can help make that a reality