Phantom (FTM) altcoin founder Andre Cronje has announced his intention to launch a new cryptocurrency-friendly bank by the end of this year.
Cronje responded in a series of tweets to a follower who complained that digital banking app Revolut closed his personal and business accounts after learning that the source of funding was crypto.
Cronje Marks 2023 For Crypto-Friendly Bank
Cronje said it can add its tracker to the closed beta for its payment infrastructure, and a card service will be available by the end of 2023. He also revealed that he is working on a cryptocurrency-friendly bank that will launch later this year.
Fantom (FTM) is a smart contract platform that aims to provide decentralized finance (DeFi) services to developers using its own consensus algorithm.
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
However, Cronje explained that his bank cannot avoid KYC (know your customer) requirements as it will operate under a standard banking license. He also said that he is unsure whether to accept US citizens, given the country's stance on crypto regulation.
Andre Cronje is the co-founder and architect of Fantom, a smart contract platform that provides DeFi services to developers. He is also the founder of yearn.finance, a decentralized aggregator of various DeFi protocols, and the founder of Keep3r Network, a decentralized marketplace for technical business.
Andre Cronje is a controversial name for several reasons.
He was accused of initiating unfinished and unaudited projects that caused losses to investors such as Eminence and LBI.
It has also been criticized for a lack of communication and transparency with the community after announcing its departure from DeFi in March 2022.
*Not investment advice.