Fantom (FTM) co-founder Andre Cronje is teasing the launch of a new cryptocurrency-friendly bank later this year.
Cronje tells his 384,500 Twitter followers that a bank providing crypto-related financial services may launch later this year.
“Need a card, or just payments infrastructure? If the latter, I can add you to our closed beta. If card, that will be available by end of 2023, crypto-friendly bank available to public within this year.”
However, Cronje says that the services will likely not be available to the citizens of the United States, citing an anti-crypto stance from US regulators.
“Legally we can, but given the USA’s stance, we probably won’t accept US citizens.”
Cronje also says that the financial services would fall under the know-your-customer (KYC) guidelines and regulations, which apply to traditional financial services.
“No, it’s a standard banking license, we can’t avoid KYC.”
Cronje broke the news of the banking plans when responding to a tweet from Curve Finance CEO and founder Michael Egorov alleging that the financial technology company Revolut had blocked his account after disclosing to them that crypto was the source of his funds.
“Learned recently on practice that Revolut App is not crypto-friendly. Have been their customer since 2016, but they closed my personal and business accounts once they got information (from me showing) that source of funds is crypto.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney