Fantom (FTM) launches its own bank

Fantom (FTM) is launching its own cryptocurrency bank, according to co-founder Andre Cronje. The aim is to offer financial services tailored to the crypto market. Fantom’s bank will enable users to store, exchange, and spend cryptocurrencies, as well as offering other traditional banking benefits.

Banking services tailored to cryptocurrency users coming soon

Andre Cronje took to Twitter to make the announcement, inviting the crypto community to join their closed beta. The payment services for Fantom’s future crypto bank are already being tested. He also announced that the Fantom payment card would be available by the end of 2023. While the bank would be accessible to the public later this year.

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

“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.”

While the news is exciting for cryptocurrency enthusiasts, Cronje indicated that the bank probably wouldn’t be available to US citizens. This is due to the anti-crypto stance of US regulators. Additionally, he emphasized that the bank would be subject to KYC regulations that apply to traditional financial services.

Fantom’s plans to launch a crypto bank come as traditional players in the financial sector begin to explore opportunities offered by crypto. Several large banks have started offering cryptocurrency custody services to their clients. Financial technology companies such as PayPal and Square (now Block Inc) have also added crypto features to their applications.

Fantom stands out from the crowd

However, Fantom’s project could help the company differentiate itself from its competitors. The crypto bank could also offer more comprehensive services to crypto users. If the project is successful, it will certainly boost the adoption of Fantom (FTM), potentially attracting millions of new users to the platform.

It is worth noting that Fantom’s decision to become a specialized crypto bank is not surprising, given that the company has already been involved in crypto payment initiatives. In October 2021, Fantom launched a crypto payment pilot project with the city of Seoul, South Korea. This allowed city residents to use FTM for in-store payments.

Overall, Fantom’s specialized cryptocurrency bank project appears to be an interesting initiative that could help the company stand out from its competitors. However, it remains to be seen whether the crypto bank will be able to overcome regulatory obstacles and attract a sufficient number of users to succeed.