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.
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What is a Crypto Bank?
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
- Accessibility: Crypto banks provide easy access to digital assets, allowing users to buy, sell, and store cryptocurrencies easily.
- Security: Crypto banks offer a secure way to store digital assets, with advanced security features such as multi-factor authentication, encryption, and cold storage.
- Flexibility: Many crypto banks allow users to convert their cryptocurrencies into fiat currency or other digital assets, providing flexibility in managing their portfolio.
- Convenience: Some crypto banks offer features such as debit cards that allow users to spend their cryptocurrencies at merchants that accept them, making it more convenient to use digital assets in daily life.
- Low Fees: Crypto banks typically charge lower fees compared to traditional banks and financial institutions, making it more affordable for users to manage their digital assets.
Top Crypto Banks this 2023
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.
|FDIC and DIF membership provide deposit insurance up to $250,000||Only offers business checking accounts for crypto-related businesses, not for individuals|
|Focuses on innovation and technology in the crypto space||No physical branches available|
|Formerly established bank||Limited crypto options available compared to other crypto banks|
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.
|Offers a debit card that allows spending crypto and fiat currencies||Not available in all countries|
|Regulated by the UK’s Financial Conduct Authority||Some users reported difficulty with account verification process|
|Low fees and competitive rates for buying, selling, and exchanging cryptocurrencies||Limited crypto options available compared to other crypto banks|
|Over 4 million customers in over 130 countries|
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.
|Offers a digital banking app and a debit card that supports multiple currencies, including cryptocurrencies||Some users reported difficulty with account verification process|
|No hidden fees or markups for buying, selling, and holding cryptocurrencies||Limited crypto options available compared to other crypto banks|
|Can send and receive crypto to other Revolut users for free, or exchange it for fiat or other cryptos at the interbank rate|
|Licensed by the European Central Bank and has over 15 million customers worldwide|
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.
|Offers a banking suite, crypto trading, cashback debit card rewards, and a loyalty program||Only available in the United States|
|FDIC-insured and partnered with Evolve Bank & Trust to provide banking services||Limited crypto options available compared to other crypto banks|
|Can link Juno account to Coinbase account|
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.
|Has a large user base with over 73 million users||High fees compared to other exchanges|
|Allows buying, selling, and storing of over 200 cryptocurrencies||Limited payment options|
|Offers up to 4% annual interest on crypto deposits||Can freeze or close accounts without notice|
|Offers rewards for learning about new coins and completing tasks||May experience downtime or outages during high traffic|
|Provides a Coinbase Card for spending crypto and fiat currencies||Limited availability of certain coins in some regions|
|Regulated by the US SEC and FDIC-insured||Requires extensive verification for some features and high transaction limits|
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.
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