Crypto news

The developer of Fantom hints at a crypto friendly bank plan

Andre Cronje, a developer for the Fantom Network, revealed that he is engaged in developing a payments infrastructure for the cryptocurrency sector.

If Egorov required a payment infrastructure, Cronje offered to include him in the restricted beta of his unidentified project. The DeFi Godfather also stated that card services will be accessible by the end of 2023 and that a bank that supports cryptocurrencies was also planned.

In the US, Cronje’s Crypto-Friendly Bank Won’t Be Available

The bank would have a typical banking licence, he noted. Thus, anti-money laundering and know-your-customer (KYC) compliance measures would be incorporated into its services.

The demand for banking services within the cryptocurrency industry is demonstrated by the number of persons who have expressed interest in participating in the closed beta.

BeInCrypto was informed by Cronje that the project is “not yet available for public.”

Additionally, Justin Sun is Developing a Cryptobank

Cronje is not the only person trying to start a bank that accepts cryptocurrency. Justin Sun, the founder of Tron Network, has further pledged to assist anyone establishing “a trustworthy bank that can serve the needs of the crypto industry.”

Sun revealed his plans in March, following the failure of numerous crypto-friendly bank. Sun claims to be open to working with anyone to develop financial infrastructure that unites cryptocurrency and conventional finance.

Banking Issues Still Exist in the Crypto Industry

Even some of the biggest cryptocurrency companies in the world have had difficulty locating new banking partners since the American banking crisis.. For instance, Binance.US stated earlier this month that it was looking for a new banking partner to assist it in handling the deposits and withdrawals of US dollars made by its users.

One option is to seek outside of the boundaries of the United States, as Cronje’s remarks imply.

For instance, banks in Hong Kong may be an excellent choice for crypto companies because of their willingness to support enterprises that have been granted licences in the city. Hong Kong, along with Singapore, has become one of the region’s premier crypto centres, BeInCrypto said last week.

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