OpenAI Ex-Employee Launches Volante Chain for Crypto-Powered Wage Access

Joey Bertschler, a former employee of OpenAI, has embarked on a new venture by establishing Volante Chain, a startup focused on developing a crypto-powered earned wage access system. Bertschler, who previously worked at OpenAI before the launch of ChatGPT, was instrumental in helping business customers utilize early-stage AI tools. His transition to the financial technology sector was driven by a desire to create a blockchain-based platform that enables employees to access their daily wages on the same day, rather than waiting until the end of the month.

Volante Chain's platform leverages blockchain technology to facilitate seamless record-keeping in a verified ledger, thereby reducing costs and allowing for low fees. This innovation addresses the current norm of "30 days of taking your freedom away, of choosing what to do with your money," particularly for individuals living paycheck to paycheck. The platform uses artificial intelligence to predict employer defaults and assess risk in real time, with a hybrid system that combines AI-driven decision-making with human oversight and legal review. Bertschler emphasized that while AI is used for pattern detection and decision-making support, it is not fully autonomous, ensuring a balanced approach to risk management.

Volante Chain has secured approximately $2 million in funding from private investors, which Bertschler believes will sustain the company for about five years without the need for additional capital injections. The company is currently in the minimum viable product stage, deploying to a few thousand test users in Vietnam and Japan, with plans for future expansion. Bertschler's decision to leave OpenAI and pivot to fintech was influenced by limited advancement opportunities and the exclusion of non-US employees from stock option plans. He criticized OpenAI's increasing secrecy and profit-driven approach, stating that the company's conduct is not aligned with its founding principles.

Bertschler's departure from OpenAI was also motivated by the firm's closed nature, which prevented employees from showcasing their code on GitHub, hindering long-term employee growth. He highlighted that his contributions at OpenAI were not publicly recognized, as his name was not associated with any documentation or projects. Bertschler's critique of OpenAI's current direction underscores the tension between the company's original mission and its evolving business model, which has faced pushback from co-founders and early investors. Despite these challenges, Bertschler's new venture with Volante Chain represents a significant step forward in the integration of blockchain and AI technologies to address financial accessibility and risk management in the modern workplace.