Cryptocurrencies have taken the world by storm, and as more people and businesses recognize their potential benefits, the demand for crypto-friendly banks has grown. However, finding a bank that supports your crypto-related activities can be challenging, as not all banks are created equal in this regard. Some banks impose restrictions or fees on customers who want to buy, sell, or hold digital assets. Fortunately, there are banks that are friendly to crypto enthusiasts and investors, and in this article, we’ve compiled a list of the top five crypto-friendly banks you may want to consider.
A crypto bank is a platform that allows users to interact with cryptocurrencies in various ways, such as buying, selling, holding, transferring, or investing. Crypto banks differ from traditional banks in that they use blockchain technology to secure and verify transactions, and they operate with digital assets instead of fiat currencies. Crypto banks may also offer additional services, such as prepaid debit cards, interest accounts, or access to decentralized finance applications.
Benefits of using a Crypto Bank
Top Crypto Banks this 2023
BankProv
BankProv is a US-based bank that was formerly known as The Provident Bank. It rebranded itself in 2020 to reflect its focus on innovation and technology, especially in the crypto space. BankProv offers business checking accounts for crypto-related businesses, such as exchanges, miners, custodians, and lenders. It also provides deposit accounts for individuals who want to earn interest on their crypto holdings. BankProv is a member of both FDIC and DIF, which means your deposits are insured up to $250,000.
Wirex
Wirex is a UK-based fintech company that offers a crypto-friendly banking platform and a debit card that allows you to spend your crypto and fiat currencies anywhere Visa is accepted. You can also buy, sell, exchange, and earn rewards on over 30 different cryptocurrencies on Wirex, with low fees and competitive rates. Wirex is regulated by the UK’s Financial Conduct Authority (FCA) and has over 4 million customers in over 130 countries.
Revolut
Revolut is another UK-based fintech company that offers a digital banking app and a debit card that supports multiple currencies, including cryptocurrencies. You can buy, sell, and hold Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, and more on Revolut, with no hidden fees or markups. You can also send and receive crypto to other Revolut users for free, or exchange it for fiat or other cryptos at the interbank rate. Revolut is licensed by the European Central Bank (ECB) and has over 15 million customers worldwide.
Juno
Juno is a US-based neobank that offers a banking suite, crypto trading, cashback debit card rewards, and a loyalty program. You can link your Juno account to your Coinbase account and buy, sell, and store cryptocurrencies on Juno’s app. You can also earn up to 5% cashback on your debit card purchases and up to 15% APY on your savings account. Juno is FDIC-insured and has partnered with Evolve Bank & Trust to provide banking services.
Coinbase
Coinbase is one of the largest and most reputable crypto exchanges in the world, with over 73 million users in more than 100 countries. Coinbase allows you to buy, sell and store over 200 cryptocurrencies, including Bitcoin, Ethereum, Tether and Binance Coin. You can also earn up to 4% annual interest on your crypto deposits, as well as rewards for learning about new coins and completing tasks. Coinbase also offers a Coinbase Card that lets you spend your crypto and fiat currencies anywhere Visa is accepted, and withdraw cash from over 60,000 ATMs worldwide. Coinbase is regulated by the US Securities and Exchange Commission (SEC) and has a banking license from the US Federal Deposit Insurance Corporation (FDIC), meaning your USD balances are protected up to $250,000.
Conclusion
The crypto space continues to grow, and as more people invest in digital assets, the demand for crypto-friendly banks is on the rise. The five banks we’ve highlighted in this article are among the best options for those who want to access and manage their crypto funds with ease and convenience. From the US-based BankProv to Coinbase, these banks offer a range of services and features, including business checking accounts, deposit accounts, debit cards, crypto trading, and more. If you’re a crypto enthusiast or investor, consider checking out these top crypto-friendly banks in 2023.
CryptoTicker Podcast
Every Wednesday going forward, you can tune in to the Podcast on Spotify , Apple and YouTube. The episodes are perfectly tailored for a duration of 20-30 minutes to quickly and effectively familiarize you with new topics in a fun setting on the go.
