Andre Cronje, the co-founder of Fantom, a fast and secure smart contract platform, reveals his intention to open a crypto bank later this year but excludes US citizens due to regulatory hurdles.
Andre Cronje, the co-founder of Fantom (FTM), has hinted at introducing a new crypto-friendly bank later this year. However, due to the anti-crypto stance of US regulators, these services are unlikely to be available to US citizens.
Fantom is a fast, scalable, secure smart contract platform supporting Ethereum compatibility and DeFi applications.
Andre Cronje informed his 300+ Twitter followers that a bank offering cryptocurrency-related financial services might open its doors later this year.
Andre Cronje says that US officials’ anti-crypto stance makes it extremely unlikely that he will make these services accessible to US citizens.
Additionally, the founder remarked that traditional and new financial services would be subject to the same legislation and standards for Know Your Customer checks.
“Legally, we can, but given the United States’ position, we probably won’t accept US citizens.”
Cronje made the statement in response to a tweet from Michael Egorov, CEO and founder of Curve Finance. In the post, Egorov noted that the account he used to access Revolut had been blocked.
I discovered recently that the Revolut app does not accept cryptocurrency transactions. Since 2016, I have been one of their customers, but they have canceled my personal and business accounts.
Michael Egorov
Since Andre Cronje’s announcement, the crypto community has been abuzz with speculation.
Will it transform the Bitcoin industry? Will it provide a secure platform for individuals to invest in digital assets? These are merely some of the questions posed.
Developing a cryptocurrency bank highlights the increasing significance of cryptocurrencies in the global financial system. As more individuals discover digital currencies’ potential, we may expect more innovative products and services to meet emerging market demands.
