Andre Cronje, the developer of the well-known blockchain network Fantom, has been hinting at the development of a payments infrastructure project aimed at the crypto industry. This was revealed after Curve Finance developer, Michael Egorov, complained on Twitter about the crypto-unfriendly policies of Revolut, which blocked his accounts when it learned his source of funds was cryptocurrency.

In response to this, Cronje offered Egorov the chance to join his project's closed beta, which will include card services for the crypto industry. Cronje also plans to provide users with a fully-fledged cryptocurrency-friendly bank, although the target region won't include the United States due to the nation's rather hostile stance towards the digital asset class. However, the bank shall operate under a standard banking license, and thus adhere to the highest of compliance measures such as KYC and anti-money laundering protocols.

Due to the absence of banking options for firms within the crypto-sphere, other industry heavyweights, such as Tron Network founder Justin Sun, are joining the bandwagon and throwing their hat into the ring in the quest to develop banking services that bridge the gap between crypto and traditional finance. As mentioned, there has been a struggle on the part of world-renowned crypto firms to find banking partners in the US, with Binance.US claiming that it is on the search for a new banking partner.

However, possibly due to their anti-crypto stance, US banking services may not be the only option for firms within the financial technology industry. In fact, Hong Kong could provide a viable alternative, considering its rather open stance towards supporting licensed members of the crypto community. As such, industry members looking for suitable banking partners may benefit from looking at the East, where Hong Kong and Singapore are becoming the preeminent crypto hubs of Asia.



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