Fantom Network developer Andre Cronje disclosed that he is working on a payments infrastructure project for the crypto industry.
After Curve Finance developer Michael Egorov complained on Twitter that Revolut is not crypto-friendly because it blocked his accounts after learning that his source of funds was crypto, Cronje disclosed that he is working on a project that may interest him.
Cronje offered to add Egorov to his unnamed project’s closed beta if he needed a payment infrastructure. The DeFi Godfather added that card services would be available by the end of 2023, and a crypto-friendly bank is also on the agenda.
Cronje’s Crypto-Friendly Bank Will Not Be Available in the US
Pressed by Twitter users, Cronje noted that the bank is unlikely to be available in the U.S. “Legally we can, but given the USA’s stance, we probably won’t accept US citizens,” he commented
He also added that the bank would have a standard banking license. This means compliance measures like know-your-customer (KYC) and anti-money laundering protocols would be integrated into its services,
Several people have shown interest in being part of the closed beta — highlighting the demand for banking services within the crypto industry.
Meanwhile, Cronje told BeInCrypto that the project is “not yet available for public.”
Justin Sun Also Working on Crypto Bank
Cronje is not the only one working on establishing a crypto-friendly bank. Tron Network founder Justin Sun has also offered to support anyone building “a reliable bank that can cater to the needs of the crypto industry.”
Sun made his intentions known after several crypto-friendly banks collapsed in March. According to Sun, he is open to collaborating with anyone to build banking infrastructure that bridges the gap between crypto and traditional finance.
Crypto Industry Still Facing Banking Challenges
Even the some of the world’s largest crypto firms have struggled to find new banking partners following the banking crisis in the United States. For example, earlier in the month, Binance.US said it was searching for a new banking partner to help it process its users’ US dollars deposits and withdrawals.
As Cronje’s comments suggest, one option is to look beyond the borders of the United States.
For instance, banks in Hong Kong might be a good option for crypto firms due to their open stance to supporting crypto entities licensed in the city. As BeInCrypto reported last week, Hong Kong has emerged as one of the Asia’s preeminent crypto hubs alongside Singapore.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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