Key Points:
- Cronje stated that a bank providing crypto-related financial services could be established before the end of the year.
- However, due to the anti-crypto stance of US regulators, these services are unlikely to be available to US citizens.
Andre Cronje, co-founder of Fantom (FTM), has hinted at the introduction of a new crypto-friendly bank later this year.
Andre Cronje shared with his 384,500 Twitter followers the possibility that a bank offering financial services related to cryptocurrencies could open its doors later this year. Andre Cronje, on the other hand, indicated that it is highly unlikely that these services will be made available to US residents due to the anti-crypto stance taken by US officials.
“Legally, we can, but given the United States’ position, we probably won’t accept US citizens.”
The founder also noted that traditional financial services and new financial services would be subject to the same regulations and standards for know your customer checks. Cronje made the declaration in response to a tweet sent out by Michael Egorov, the CEO and founder of Curve Finance. In the post, Egorov stated that the account he used to access the financial technology firm Revolut had been disabled.
Recently, I came to the realization that the Revolut app does not support cryptocurrency transactions. Since the year 2016, I had been one of their customers, however they went ahead and closed both my personal and my company accounts.
Andre Cronje’s announcement has caused a lot of speculation in the crypto community, with many people anxious to see what the bank has to offer. Will it be a game changer in the cryptocurrency world? Will it provide individuals with a safe and secure platform to invest in digital assets? These are just a few of the questions being posed.
The establishment of a crypto bank demonstrates the growing importance of cryptocurrencies in the financial world. As more individuals grasp the potential of digital currencies, we should expect to see more innovative products and services developed to meet the needs of this new market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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