The popularity and global market appetite for cryptocurrency have been steadily growing for the past few years. Once, banks and cryptocurrencies were considered strange bedfellows as cryptocurrencies are often seen as an alternative to fiat money. This perception, however, is changing with the increasing ownership of crypto and a host of other digital assets all over the world. Banks have started integrating crypto services into their operations to adapt to the disruption happening in the finance sector and the global economy in the larger picture.
For crypto users and investors, it is crucial to conduct their due diligence and understand and identify the banking institutions that will support their needs. This is an important step before choosing a particular bank as one must not only consider their current operations but also should think about their future demands that will ensure scalability and agility. It is important to evaluate the main pillars that make up a good crypto-friendly banking institution.
The foremost aspect to contemplate before choosing a bank for your crypto transactions is the speed of settlement offered by the bank. One should evaluate the bank’s efficiency and scalability, and if it will be able to keep up with the requirements of institutions that demand beefy speeds. For a globally decentralized currency, it is apparent that its users expect easy and speedy cross-border transactions. Choose a bank that supports seamless cross-border payments, fast settlement, efficient reporting, and straight-through processing. Personalized service and strong on and off ramps to fiat currency are also paramount pillars to consider before settling for a bank that deals with crypto.
In this blog, we have handpicked the top five crypto-friendly banks to make your journey of choosing the best crypto-friendly bank suited for your specific business. Let’s take an objective look!
Top 5 Best Crypto-friendly Banks
BankProv: BankProv holds the first place on our list of best crypto-friendly banks because of its innovative and adaptive DNA from an almost 200-year history. The platform has leveraged this DNA to become a full-service commercial blockchain bank. BankProv, being the 10th oldest bank in the US, believes in offering best-in-class services to their existing loyal customer base and also attracting new businesses that deal with cryptocurrency and other digital assets.
BankProv offers 100% fully insured USD deposits and crypto-backed lending options. Its wide range of payment solutions makes it one of the most comprehensive solutions providers in the market. BankProv has recently announced its series of industry-leading APIs, including the ProvXchangeTM network, which enables 24/7, client-to-client, real-time transactions. It provides commercial business lending to fit needs unique to the client.
Juno: Juno is a one-stop shop for all things crypto. Juno is the only crypto-friendly checking account that enables you to earn, invest, and spend both your crypto and cash. The powerful checking account provides services like buying, selling, and storing cryptocurrencies like ETH, BTC, USDC, and polygon. Juno allows individuals to grow their savings and reach their financial goals more quickly.
One distinguishing feature of Juno is that you don’t need to maintain a minimum balance in your checking account. Its low-cost and lightening fast international transfers make it one of the best platforms in the market. The bank also offers interest of up to 1.20% on deposit balances of up to $5000 for basic users and $50,000 for metal users. Your USD cash balance is FDIC-insured for up to $250,000 via Juno’s partner bank Evolve Bank & Trust. Users also have the option to get their salary credited in crypto once they set up direct deposit.
Binance: Binance is one of the world’s leading blockchain ecosystems, with a product suite that has the largest digital asset exchange in the world. Binance has the most comprehensive set of product suites that include Binance Exchange, the largest crypto exchange by trade volume, and Binance Academy, an open-access learning hub, providing free blockchain and crypto education in over 20 languages. Binance’s official wallet, Trust Wallet, is a secure, decentralized wallet that enables users to send, receive, and store their digital assets.
Binance as a platform offers all the major functionalities that any traditional bank provides. It offers a Binance Visa Card to easily make purchases from over 60 million merchants globally using cryptocurrencies. It has low transaction fees and flexible interest with minimal slippage and handling fees. Binance also offers multiple trading platforms for different levels of trading experience.
Revolut: Revolut is a global financial super app, with an aim to unlock the power of a borderless economy and provide everyone with frictionless, accessible financial products. Revolut offers an array of banking services for both individuals and businesses. It’s an all-in-one platform for your everyday spending and also your long-term savings and investments. Revolut is supported in 200+ countries and regions making it one of the largest platforms out there.
The platform lets to trade crypto commissions free up to $200,000 every month. The in-built cryptocurrency exchange offers you 30+ cryptocurrencies in which you can invest with any available fiat currency. Revolut supports both SEPA and SWIFT transfers and keeps you up-to-date with daily market movements through its notifications and price alerts. Lastly, the platform also provides a personal prepaid debit card and a business debit card that helps you spend funds.
USAA: USAA is a Texas-based financial service company with a mission to facilitate the financial security of its customers. USAA offers a full range of highly competitive financial products and services to achieve its objective. The platform allows you to open bank accounts with zero monthly service fees. The platform allows you to connect with Coinbase and track your Bitcoin wallet and overlook transactions.
USAA’s key service areas include banking, insurance, and real estate. It offers commission-free withdrawals from over 60,000+ ATMs all over the nation. USAA is one of the oldest and most trusted crypto-trading platforms in the United States, allowing you to pay bills, transfer money, and do so much more in one place.
As we move forward in the economy of the future, crypto will only become a more mainstream currency.
Traditional banks have slowly accepted this probable future and are now incorporating crypto-friendly technologies into their existing systems to be in tune with the changing times.
It is a disruptive and exciting time for both financial institutions and their stakeholders.