- Fantom launched a closed beta version of a new crypto payment infrastructure.
- The infrastructure is designed to bring more flexibility to the crypto payments industry.
- The project will not be available to US citizens due to regulatory constraints.
In a conversation on Twitter, Andre Cronje, a co-founder of the Fantom blockchain, revealed that he is currently working on a new crypto payment infrastructure project. Cronje also shared that a closed beta version of the product has been launched.
Notably, the Fantom founder revealed the update after crypto enthusiast Michael Egorov complained on Twitter that his bank accounts with Revolut, a British bank, were closed for involvement in cryptocurrencies.
“They closed my personal and business accounts once they got information from me showing that the source of funds is crypto,” Egorov tweeted, “they are not the future,” he concluded.
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
Additionally, Cronje said the crypto infrastructure under development would be unavailable to US citizens due to regulatory constraints in the country. When asked about the project’s licensing and the possibility of having no know-your-customer (KYC) procedures, Cronje replied that it would be a standard banking license. “We can’t avoid KYC,” he added.
This new development is expected to bring more flexibility to the crypto payments industry, making it easier for people to transact with digital assets without worrying about the cumbersome processes involved in traditional financial systems.
While the Fantom founder did not provide many details about the project’s expected launch date, his tweet has sparked interest in the crypto community as many crypto enthusiasts sought to be added to the closed Beta.
Fantom is a blockchain platform focused on high-speed transactions, designed to enable decentralized applications (dApps) and digital assets to function efficiently and securely. Its utility token, FTM, ranks among the most significant crypto with over $1.2 billion in market share.
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