With cryptocurrency adoption reaching over 300 million people, crypto is already widely used as a currency in the digital asset world. Despite this, many traditional banks need to warm up to crypto assets due to the increasing risks posed by fraudsters. Some banks are opening their doors to clients who use cryptocurrencies, even though they are wary about them. Today, crypto-friendly banks allow lower transaction fees and accept cryptocurrency as a monetary medium.
With these banks, you can purchase and sell cryptocurrency using free credit cards, make wire transfers to cryptocurrency exchanges, and cash out funds from cryptocurrency investments. Traditional bank operations and cryptocurrencies are integrated simultaneously.
Crypto investors and users now have easier access to crypto-friendly banks than they did in the past. That trend will continue in the future. You don’t need to look any further if you’re looking for the most crypto-friendly banks. Before choosing a crypto bank to use for crypto deposits, trading, withdrawals, and more, here are the top 8 crypto-friendly banks you need to know about. Let’s get started!
Known for its long history of investing in cryptocurrency exchanges, USAA (United Services Automobile Association) is one of the largest US banks.
Early on, USAA recognized that its members required cryptocurrency services. As opposed to creating its own crypto exchange and wallet infrastructure, USAA decided to use the existing solutions. In 2015, it partnered with Coinbase so its clients could manage cryptocurrencies.
With over $150 million invested in Coinbase over the last few years, USAA clients can now easily exchange Bitcoin with the biggest exchange in the world. Coinbase allows USAA account holders to track their bitcoin wallets.
As well as tracking transactions, checking balances, and tying bank accounts, Coinbase also lets users track their bank transactions. As a crypto-friendly bank in the United States, this bank makes frequent improvements to its financial structure.
Suppose you’re looking for a traditional bank that’s Bitcoin-friendly and offers a wide range of services. In that case, this is an excellent choice for you, and the financial sector is also involved.
Solarisbank, a German company that provides digital banking APIs to industry heavyweights like Samsung, has developed a trading solution that supports fiat-to-crypto trading.
Bitstamp’s collaboration made this possible. Crypto enthusiasts will enjoy a smooth trading experience with this bank by allowing fast crypto-to-fiat conversions.
B2B customers can use its API to open bank accounts and store crypto. They can also exchange fiat for bitcoins or other cryptocurrencies through the brokerage API.
Quontic, based in New York City, offers Bitcoin Rewards check accounts for the first time. You receive 1.5% in Bitcoin on eligible debit card purchases instead of cash back. By earning bitcoin through eligible debit card purchases, crypto enthusiasts and beginners can grow their net worth.
With a single branch in Astoria, New York, the bank operates online in all 50 states. Mobile check deposits, online bill payments, and electronic transfers are all available on this account. A total of 90,000 ATMs are available to you for free with Quantic.
An opening deposit of $500 is required. A minimum daily balance is also not required. You’ll always retain your bitcoin rewards if your Bitcoin account remains open.
4) Chase Bank
Chase Bank is also a cryptocurrency-friendly bank. Its services include credit and home loans, checking and savings accounts, investing services, and auto financing for individuals and businesses.
For instant payments, Chase created its cryptocurrency (JPM Coin). Crypto trading is not available at Chase. Using bank accounts, cryptocurrency can be purchased and sold on Coinbase, Gemini, and other major exchange platforms.
Chase launched a Bitcoin fund for its wealth management clients last year by partnering with a crypto company, NYDIG. Coinbase makes it easy to buy/sell crypto and transfer money from your Chase Bank account. Chase offers a wide range of accounts without requiring a minimum opening deposit, perhaps its most distinguishing feature.
BankProv is a well-known crypto-friendly bank. BankProv specifically targets digital currency businesses. The company provides everything you need to grow in the digital currency sector, including exchange services and other crypto-related investments.
Also, BankProv offers a variety of account options that let you transact in either USD or cryptocurrency. The bank also provides crypto-backed loans as part of its cash management services. Businesses can finance their operations with crypto-based loans.
BankProv is insured by the FDIC and the Depositors Insurance Fund (DIF). Each depositor’s deposits are insured up to $250,000 by the FDIC and the remainder by the DIF. One of the bank’s major drawbacks is that it only offers crypto services to businesses.
6) Fidor Bank
Crypto enthusiasts have turned to Fidor since 2014. Founded in Munich and Berlin, Fidor Bank is a pioneer in German digital banking. The company was founded in 2009 to provide innovative, technology-enabled banking services.
This bank, however, only operates within Germany. Fidor’s setup is easy, and the charges are reasonable. With Fidor, fees are €5 per month, but if you make over 10 transactions, you can offset them.
The German exchange Bitcoin.de partnered with Fidor in 2014 to offer customers the ability to buy cryptocurrencies within seconds of depositing funds. Those in Germany who use Kraken will find this bank a natural choice because they have a partnership with Kraken and are Kraken’s funding source.
With over 18 million personal accounts worldwide, Revolut is one of the most popular online banks. The company was founded by Nikolay Storonsky and Vlad Yatsenko in 2015, offering a seamless mobile app for iOS and Android devices. The US, Europe, the UK, Australia, Singapore, Japan, and Switzerland, are eligible for Revolut.
The famous online bank allows users to add funds in their local currency, exchange them at industry-leading rates, and send and receive funds just like a traditional bank account. A Revolut debit card can also be used online, in-store, or at an ATM.
With Revolut, users can purchase coins and tokens within the app without hassle. In addition to bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and USBC, the platform offers more than 30 leading crypto assets. Revolut’s premium account holders have to pay 1.5% in fees when buying or selling crypto, which is a drawback.
Wirex is an app that allows crypto trading and buying based in the United Kingdom. Wirex provides users with several benefits, including WXT cashback at 2.0%. Fiat currency deposits earn up to 16% interest, and cryptocurrency deposits earn up to 10%.
Wirex accounts come with link debit cards and can be opened in several dozen countries worldwide. The card and account look like standard UK bank cards with account numbers and sort codes registered with the UK Financial Conduct Authority.
Account holders can also convert to various fiat currencies, including USD, EUR, and GBP, with a Wirex account, BTC, LTC, XRP, Eth, and more.
Why You Should Care
Crypto enthusiasts need to choose a bank that supports their individual or collective goals and aspirations to invest, trade and utilize cryptocurrency.
It may take work to find the right bank. Still, the ones we mentioned above are undoubtedly the best crypto-friendly banks that allow Bitcoin or other cryptocurrencies to be used. You should check them out as crypto enthusiasts, users, or investors. Ultimately, there is still hope that more banks will accept cryptocurrencies while ensuring investor safety.