Fantom Network developer Andre Cronje has announced that he is working on a payment infrastructure project for the crypto industry.
A new project coming from the phantom developer?
After Curve Finance developer Michael Egorov complained on Twitter that Revolut was not crypto-friendly because he blocked his accounts after learning that the source of funding was crypto, Andre Cronje revealed that he is working on a project that might interest him.
Andre Cronje offered to add Egorov to the closed beta of his eponymous project if he needed a payment infrastructure. DeFi Godfather added that card services will be available by the end of 2023, and a crypto-friendly bank is also on the agenda.
Phantom developer’s project will not be available in the US
Answering questions from Twitter users, Cronje stated that it is unlikely that the bank will operate in the US, adding, “Legally we can do this, but given the US stance, we probably will not accept US citizens.”
He also added that the bank will have a standard banking license. This means that compliance measures such as know your customer (KYC) and anti-money laundering protocols will be integrated into their services. Many people showed interest in being a part of the closed beta. This highlights the demand for banking services in the crypto industry. Meanwhile, Cronje said the project in question is “not yet open to the public”.
Justin Sun is also working on crypto bank
Andre Cronje isn’t the only one working to build a crypto-friendly bank. Justin Sun, founder of Tron Network, also offered to support anyone who builds “a reliable bank that can meet the needs of the crypto industry.”
Sun announced his intentions after several cryptocurrency-friendly banks collapsed in March. According to Sun, he is open to collaborating with anyone to build the banking infrastructure that bridges the gap between crypto and traditional finance.
Crypto industry still facing banking challenges
Even some of the world’s largest crypto firms have struggled to find new banking partners in the wake of the banking crisis in the United States. For example, earlier in the month Binance.US said it was looking for a new banking partner to help its users make deposits and withdrawals of US dollars. As phantom developer Andre Cronje suggests, one option is to look beyond the borders of the United States.
For example, banks in Hong Kong could be a good option for cryptocurrency firms due to their open stance on supporting licensed crypto assets in the city. As Kriptokoin.com reported last week, Hong Kong has emerged as one of the leading crypto centers in Asia, along with Singapore.
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