Fantom’s Co-Founder Andre Cronje Develops Crypto Banking Project

Due to its growing acceptance and popularity, crypto is fast becoming currency of the future. Its cutting-edge technology is already impacting finance, fashion, gaming, education, healthcare, and so on. 

While this is laudable, banking institutions and governments are skeptical about crypto. Also, most individuals are concerned that crypto’s decentralization could be clamped by banking regulations and protocols.

So it did not come as a surprise when Michael Egorov, CEO of CurveFi complained about his Revolut accounts on Twitter. He stated bitterly that they were closed because of crypto involvement. 

Learned recently on practice that @RevolutApp 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.

They are not the future 🙁

— Michael Egorov (@newmichwill) April 20, 2023

Fantom’s co-founder Andre Cronje revealed that he is working on a crypto banking project to prevent Egorov’s experience from recurring. 

Andre’s vision of a crypto-friendly bank will be available for all (except US citizens) from this year. The reason the product will not be available to US citizens is due to American regulations on crypto. A beta version of the crypto banking project has been launched in which cards will be available by the end of 2023. 

Need a card, or just payments infra? 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.

— Andre Cronje (@AndreCronjeTech) April 21, 2023

Andre’s announcement sparked excitement on Twitter, and a user asked whether the new product would require know-your-customer (KYC) procedure. Andre responded that for a “conventional banking license”, they can’t get around KYC.

Founder and chairman of Moni Talks Brendan Beeken expressed his willingness to join the beta. This is also due to banking issues arising from crypto involvement.

Thankfully, Andre Cronje’s initiative makes transacting digital assets less complicated than conventional banking systems. Moreover, it will address the regulatory issues.

Justin Sun and Andre Cronje Are on the Same Page

This move by Andre Cronje is similar to Justin Sun’s vision for a crypto-friendly bank after the collapse of Silicon Valley Bank. Sun had previously declared his intention to work with anyone that wants to create a robust financial institution. His idea of such a banking system is one that puts crypto and regular finance together; it can be established locally or internationally.