Joey Bertschler’s Venture into Fintech
Joey Bertschler, who previously held a position at OpenAI, is venturing into the fintech sector with his latest startup, Volante Chain, which aims to revolutionize wage access through cryptocurrency. During a recent discussion with Cointelegraph at the German Blockchain & AI Week, Bertschler shared insights about his transition from the AI landscape to financial technology, highlighting his experiences at OpenAI prior to the launch of ChatGPT, where he assisted businesses in navigating early AI solutions.
Innovative Wage Access
At Volante, the focus is on enabling employees from partner companies to access their wages daily, rather than enduring the traditional wait until month-end, which Bertschler describes as a system that restricts personal financial freedom. He referred to it as
“30 days of taking your freedom away,”
particularly impacting those who live paycheck to paycheck.
Blockchain Technology and AI Integration
The core innovation behind Volante lies in its blockchain technology, which promotes efficient record-keeping and minimizes transaction costs, resulting in lower fees for users. Furthermore, Bertschler explained that the platform incorporates artificial intelligence to assess risks and predict potential employer defaults in real-time. While AI assists with pattern recognition and aids in decision-making, human oversight remains integral, ensuring that the system isn’t entirely autonomous. He clarified,
“There’s also semi-automation — some lawyers involved, some human oversight.”
Funding and Initial Rollout
Volante has reportedly secured around $2 million in funding from private backers, which should sustain its operations for the next five years, given the small size of its team. Currently, they are launching a limited rollout with approximately 2,000 test users in Vietnam and Japan, representing the initial phase of their product testing akin to a closed beta.
Reflections on Career Shift
Reflecting on his career shift, Bertschler attributed his departure from OpenAI to lucrative job offers and dissatisfaction with internal practices, especially regarding career advancement for non-U.S. staff like himself. As an Austrian, he felt that opportunities for growth and participation in stock options were significantly limited. He stated,
“We were fairly compensated, but the absence of stock options and the inability to progress in our roles left us feeling stuck.”
He also expressed frustration over the company’s restrictive culture, which didn’t allow employees to publicly showcase their work on platforms like GitHub, stunting their professional growth.
Concerns About OpenAI’s Direction
Bertschler voiced concerns about OpenAI’s evolving direction, criticizing it for increasingly prioritizing secrecy and profit motives after Microsoft’s investment. This marked transition has led him to label the company’s approach as “closed AI,” contrasting sharply with its foundational ideals. He noted the ongoing negotiations between Microsoft and OpenAI to adjust their financial arrangements, amid internal resistance from co-founders, including Elon Musk, against purely profit-driven models. In May, OpenAI announced a pivot away from a for-profit structure towards becoming a public benefit corporation, which aims to balance profit generation with social responsibility obligations.
