Not all institutions accept cryptocurrency, and some may even suspend your transactions. We have compiled a list of the ten most crypto-friendly institutions in 2024 to assist you.
What are the best crypto-friendly banks in 2024?
Revolut
Revolut is a fintech corporation headquartered in the United Kingdom that provides cryptocurrency trading capabilities directly within its mobile application. Revolut simplifies the process of purchasing, selling, and storing digital assets for both novice and seasoned users, as it supports more than 30 cryptocurrencies, including well-known ones such as Bitcoin and Ethereum. The platform enables users to exchange between various fiat and digital currencies at competitive exchange rates. It is important to note that Revolut provides cryptocurrency wallets for the management of digital assets in addition to traditional money. Additionally, users have the option to establish cryptocurrency vaults to save and accrue digital assets over time.
Key Features of Revolut:
- A user-friendly interface that facilitates the purchase and sale of cryptocurrency.
- Supports the trading of numerous cryptocurrencies.
- Auto-exchange at specific rates is one of the flexible purchasing options.
- Provides token collections that are bundled in sectors such as blockchain and DeFi.
- Enables users to utilize a card to expend their cryptocurrency, resulting in payments in a converted fiat currency.
Wirex
Wirex is a prominent participant in the crypto space, offering a payment card in collaboration with Mastercard, despite not being a bank. Wirex is a convenient option for crypto enthusiasts due to its support of a wide range of cryptocurrencies and traditional currencies. They provide a variety of plans, including a complimentary option, and users can earn additional cryptocurrency by upgrading their plans. Additionally, Wirex has its own token (WXT) that enables DeFi opportunities and other crypto-related features.
Key Features of Wirex:
- Secured debit card services and free accounts that are web-based.
- 0% global foreign exchange fees are available with the Wirex card.
- Staking and access to institutional asset pricing generate passive income.
- Instant cross-chain bridges and free ATM withdrawals are available for stablecoins and crypto tokens.
Juno
Juno is a finance platform that is compatible with cryptocurrency and is specifically designed for businesses and individuals operating in the blockchain and crypto industries. It provides specialized crypto accounts that include trading, savings, and crypto-backed loans. Additionally, Juno offers staking services, which enable users to accumulate rewards by maintaining cryptocurrencies. They provide debit cards that can be associated with both fiat and crypto accounts, allowing users to expend cryptocurrencies in the same way as traditional currency.
Key Features of Juno:
- For stablecoin holders, an innovative savings account is known as the Smart Treasury.
- Employs sophisticated technologies, such as artificial intelligence (AI) and machine learning, to provide customized financial insights.
- A comprehensive array of financial services, such as asset management, financing, and lending.
- Strategic alliances with prominent financial platforms and blockchain initiatives.
Monzo
Monzo, a digital banking pioneer, has adopted the digital financial revolution and demonstrates an openness to cryptocurrencies. Monzo permits customers to utilize their bank accounts with cryptocurrency exchange accounts, despite the fact that it does not provide direct crypto trading. This integration allows users to monitor their cryptocurrency holdings in conjunction with their regular banking transactions within the Monzo app. Monzo also simplifies fund deposits and administration by supporting direct debits to cryptocurrency exchanges and faster payments.
Key Features of Monzo:
- Utilize Monzo cards with cryptocurrency exchanges effortlessly.
- Provides customers with the ability to track their cryptocurrency investments through the Monzo application.
- Encourages the use of direct debits and faster payments to cryptocurrency exchanges to facilitate the management of funds.
Ally Bank
Although Ally Bank, a traditional online bank that prioritizes customer satisfaction, does not provide direct crypto services, it provides customers with the ability to utilize their accounts with external cryptocurrency exchanges for trading purposes. Ally Bank offers digital tools and services to assist customers in effectively managing their finances, which may be advantageous for crypto traders. Ally Bank is a compelling choice for customers seeking to optimize their financial portfolio, which includes crypto investments, due to its competitive interest rates and transparent fee structure.
Key Features of Ally Bank:
- A US bank that is insured by the Federal Deposit Insurance Corporation (FDIC).
- APYs on fiat are higher than those of the majority of institutions.
- Provides a variety of investment options, such as cryptocurrency funds.
BankProv
BankProv, which is also known as Provident Bank, is a financial institution headquartered in the United States that specializes in banking services that are compatible with cryptocurrency. It provides asset management services for crypto industry players and accounts for cryptocurrency enterprises. BankProv prioritizes compliance with cryptocurrency regulations and anti-money laundering (AML) requirements while facilitating cryptocurrency exchanges and other businesses.
Key Features of BankProv:
- The ability to convert cryptocurrency to fiat for the purpose of convenient expenditure.
- Crypto lending offers competitive interest rates.
- The traditional financial sector has a trusted reputation.
Cash App
Cash App, which was initially developed for peer-to-peer remittances, has evolved into a comprehensive financial platform. This mobile application, which was created by Square, now provides users with a comprehensive banking experience. Users have the option to acquire a Cash App debit card, participate in traditional stock market investments, and receive ACH transfers and direct disbursements. In the finance landscape, Cash App is distinguished by its integration with cryptocurrencies, particularly Bitcoin.
Key Features of Cash App:
- A comprehensive financial platform that provides a diverse array of services.
- Access to direct deposits, ACH transfers, and Cash App debit cards is effortless.
- Enables consumers to invest in both conventional stocks and cryptocurrencies, such as Bitcoin.
- Square, the organization that operates the Cash App, is an enthusiastic advocate for the adoption of Bitcoin.
- Users are granted complete control and possession of their cryptocurrency assets through the unique ability to deposit and withdraw Bitcoin directly to and from personal wallets.
Cash App’s availability is presently restricted to the United States and the United Kingdom. However, there are potential expansion plans in the works.
Quontic
Known for its willingness to collaborate with fintech companies in the blockchain and cryptocurrency sphere, Quontic is a community bank based in the United States. It offers business finance solutions to companies that are engaged in fintech and crypto. Quontic provides interest-bearing accounts for cryptocurrencies, which enable users to generate passive income from their digital assets. It also provides a Bitcoin rewards checking account, which integrates traditional banking services with crypto benefits.
Key Features of Quontic:
- Traditional financial institutions with policies that are conducive to cryptocurrency.
- A diverse array of conventional banking services.
- Provides a Bitcoin rewards checking account that provides cashback on all expenditures.
Mercury
Mercury is an exceptional option for Web3 companies, as it provides business banking solutions that are specifically designed to meet their requirements. Although cryptocurrency cannot be stored in a Mercury account, there are no limitations on purchasing cryptocurrency through the account. Mercury’s Vault product offers FDIC insurance coverage for up to $5 million, while its Treasury product offers an appealing yield on balances exceeding $500,000. Mercury is a versatile option for businesses, as it provides prepaid cards and cashback incentives.
Key Features of Mercury:
- There are no monthly maintenance expenses.
- Integrations of business payments with a variety of platforms.
- Mercury Treasury product offers attractive yields.
- Prepaid cards and cashback incentives are accessible.
JP Morgan Chase
JP Morgan Chase, one of the most significant global financial institutions, has approached cryptocurrency investments with caution. The JPM Coin was introduced by the bank to facilitate instantaneous cross-border payments among institutional clients. It provides crypto-friendly banking services to a limited number of digital asset firms and exchanges, with a high emphasis on compliance and risk management. Additionally, JP Morgan Chase offers institutional-grade research on crypto markets to assist clients in making well-informed investment decisions.
Key Features of JP Morgan Chase:
- Offers banking services that are compatible with cryptocurrency to digital asset firms and exchanges.
- Proficiency in risk management and compliance.
- Provides institutional-grade research on crypto markets that is comprehensive.
How to pick a crypto-friendly bank
When contemplating the selection of a crypto-friendly bank, it is crucial to consider the following:
- Search for a bank that permits the storage of both fiat currency (such as dollars) and cryptocurrencies (such as Bitcoin) in a single location. This simplifies the management of all your funds in a unified manner.
- Cryptocurrency cards for expenditures: Verify whether the bank provides unique cryptocurrency credentials. These cards enable you to make payments or purchase items using both your regular money and cryptocurrencies.
- Integration with cryptocurrency exchanges and wallets: Ensure that the bank is compatible with digital wallets and cryptocurrency exchanges. This facilitates the effortless management of your funds within and outside of the cryptocurrency sector.
- Crypto-powered banking services: Certain banks provide additional services that are associated with cryptocurrencies, such as earning rewards on your crypto holdings or obtaining crypto-backed loans. These features can be quite beneficial.
- Purchasing and selling cryptocurrencies with credit or debit cards: Determine whether the bank permits the use of these cards for this purpose. Having this option is of great convenience.
- Transaction fees and monthly charges: It is important to be cognizant of the fees that the bank imposes on crypto transactions and any monthly account fees. It is imperative that the expenses are reasonable and align with your financial constraints.
What are the pros and cons of crypto-friendly banks?
As with any other endeavor, there are advantages and disadvantages to banks that are crypto-friendly.
Crypto-friendly bank pros
- Facilitates cryptocurrency: They facilitate the entry of novices into the cryptocurrency market, similar to traditional finance.
- Simple to withdraw: It is simpler to convert your cryptocurrency into fiat currency with them.
- Benefits businesses: They provide assistance to blockchain and fintech organizations, which is advantageous for entrepreneurs.
- Mobile applications: They offer mobile applications that enable you to administer your crypto assets while on the go.
Crypto-friendly banks cons
- hazardous: They may be considered hazardous due to their involvement with volatile crypto assets.
- High fees: In comparison to conventional wallets, they impose a higher fee for crypto services.
- Limited capabilities: They do not provide the same level of functionality as DeFi.