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.
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.
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.