Fantom Network developer Andre Cronje revealed that he is involved in payment infrastructure projects in the encryption industry.
Andre Cronje – Fantom Web Developer
April 20, Curve Finance developer Michael Egorov complain Tweeted that Revolut is not crypto friendly because they blocked his account after learning his fund was in crypto. As a result, Cronje revealed that he was working on a project that Michael might be interested in.
If Egorov needs to pay for the infrastructure, he is willing to add Egorov to the closed beta of the unnamed project. The DeFi godfather added that card services will be launched by the end of 2023, and crypto-friendly banking is also planned.
Cronje’s Crypto-Friendly Banking Won’t Launch in the US
Tweeted by Twitter user Cronje notes The bank is unlikely to operate in the United States.
“Legally, we can, but given the position of the United States, we may not accept its citizens,” he commented.
He also added that the bank will have a standard banking license. This means compliance measures such as identity verification (KYC) and anti-money laundering protocols will be integrated into the service.
Some expressed interest in participating in the closed beta, highlighting the need for banking in the crypto industry.
Meanwhile, Cronje said the project “is not yet available to the public.”
Justin Sun also looked into crypto banking
Cronje is not alone in wanting to start a cryptocurrency-friendly bank. Justin Sun, the founder of Tron Network, also expressed his willingness to help anyone build a “reliable bank that can meet the needs of the industry.”
Sun made his intentions public after several crypto-friendly banks collapsed in March. According to Sun, he is willing to work with anyone to build a banking infrastructure that will help bridge the gap between digital currencies and traditional finance.
Crypto Sector Still Faces Banking Challenges
Even some of the world’s largest cryptocurrency companies are struggling to find new banking partners in the wake of the U.S. banking crisis. For example, earlier this month, Binance.US said it was looking for a new banking partner to help process users’ USD deposits and withdrawals.
As Cronje suggests, it would be wise to look outside the United States.
For example, banks in Hong Kong may be a good choice for these companies, as they are open to supporting related entities licensed in the region. As reported last week, Hong Kong is joining Singapore in becoming one of the most prominent crypto hubs in Asia.
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