Andre Cronje is building a crypto-friendly bank
Fantom Network developer Andre Cronje revealed that he is working on a payment infrastructure project for the crypto industry.
By 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 money was crypto, Cronje revealed that he is working on a project that might interest him.
Cronje offered to add Egorov to the 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
Pressured by Twitter users, Cronje noted that the bank is unlikely to be available in the U.S. “Legally we can, but given the U.S. stance, we probably won’t accept U.S. citizens,” he commented
He also added that the bank would have a standard banking license. This means compliance measures such as know-your-customer (KYC) and anti-money laundering protocols will be integrated into their services,
Several people have expressed 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 to the public.”
Justin Sun also works with Crypto Bank
Cronje is not the only one working to establish a crypto-friendly bank. Tron Network founder Justin Sun has also offered to support anyone who builds “a reliable bank that can meet the needs of the crypto industry.”
Sun made its intentions known after several crypto-friendly banks collapsed in March. According to Sun, he is open to working with anyone to build banking infrastructure that bridges the gap between crypto and traditional finance.
The crypto industry still faces banking challenges
Even some of the world’s largest crypto firms have struggled to find new banking partners after the banking crisis in the United States. For example, earlier this month Binance.US said it was looking for a new banking partner to help it process user deposits and withdrawals in US dollars.
As Cronje’s comments suggest, one alternative is to look beyond America’s borders.
For example, banks in Hong Kong can be a good option for crypto firms due to their open attitude to support crypto entities licensed in the city. As BeInCrypto reported last week, Hong Kong has emerged as one of Asia’s premier crypto hubs alongside Singapore.
Disclaimer
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