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Fantom founder Andre Cronje: Building Crypto-Friendly Bank, Public Launch This Year

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Fantom founder Andre Cronje: Building Crypto-Friendly Bank, Public Launch This Year

Fantom co-founder Andre Cronje recently revealed on Twitter that they are planning to launch a crypto-friendly bank open to the public by the end of this year. The news came to light after a complaint from Curve CEO Michael Egorov.

Next Cryptocurrency-Friendly Bank? Andre Cronje: "I'll Do It"

The CEO of Curve, Michael Egorov, expressed on Twitter last week that the UK online bank Revolut is not a cryptocurrency-friendly bank in practice. He has been using it since 2016, but when Revolut found out that the source of funds for his personal and business accounts came from cryptocurrency, both accounts were closed.

In response to this issue, Andre Cronje said, "Do you need a card or just payment infrastructure? If it's the latter, I can add you to our closed testing, but if you need a card, it will be available by the end of 2023. A cryptocurrency-friendly bank open to the public will be available this year."

Furthermore, in response to netizens, Andre Cronje further revealed that this upcoming cryptocurrency-friendly bank will have a standard banking license, and users will need to undergo KYC. However, due to the U.S. stance, it may not be open to U.S. citizens.

Curve CEO: Due to Compliance, Revolut Does Not Like Money Flowing from the Cryptocurrency Industry

After seeing Michael Egorov's complaint post, the official Revolut also expressed willingness to address the issue. However, other netizens also mentioned similar situations, such as having their accounts closed after sending funds from the exchange Coinbase to Revolut.

Regarding this matter, Michael Egorov believes that Revolut feels that money obtained from cryptocurrency is not good, even if it is only transferred from a bank to Revolut. Sometimes, due to compliance, proof of the source of funds is required, and this seems to be the reason Revolut dislikes.