Financial institutions remain one of the hurdles to be crossed by crypto enthusiasts. There are lots of banks that vehemently reject crypto, not only that they refuse you access to use their cards to buy crypto, but they also advise their users to not get along with crypto. This led to different FinTech springing up to fill the gap. In this article, I listed some of the most crypto-friendly banks. Let’s get in, you are about to see which is best in terms of interest, insurance, and features.
Bank Prov
With your driver’s license, SSN, or Passport you can get an account on Bank Prov. Bank Prov is one of the US financial institutions that is crypto-friendly. It has been around for about 200 years having to rebrand and go through some changes of names.
No fear when you use Bank Prov because your money is safely insured with FDIC and DIF. Businesses also get to use features like API banking, and USD accounts, and can also lend money through Bitcoin and Ether-backed crypto lending. Although, you might have to pay a monthly fee of about 0 to 5000 USD. Bank has physical branches in the US.
Juno
Juno offers full-service USD banking, 6% interest on saving in USDC, two current accounts, and also allows you to convert your paycheck into crypto. Juno was launched in 2019 to solve lots of mobile banking problems for users that use cash and crypto-currency.
Juno offers a basic account that offers you 1.2% yearly interest. However, it is important to note that Juno does not have a physical bank, rather it is a Fintech that allows you to own a bank account, Credit Card, or Debit Card, and allows you to trade crypto effortlessly.
Wirex
Wirex is another respected crypto-friendly app. Although it is not a physical bank like Bank Prov, it offers a range of cryptocurrency services. Wrex app is available in more than 130 countries and its currency boost of about 4m users.
You get a 6% interest by saving in BTC, ETH, and some other respected cryptocurrency. With no money paid on monthly fees, you get to save your crypto, exchange coins, and get traveling perks. Wirex is one the best banks that supports Defi, more than 100 coins, and allows NFTs.
Revolut
Revolut comes with features that make payment easy, and allows you to trade stocks, exchange crypto, and check your accounts all from one app. This finTech is an Online bank insured by the FDIC. while enjoying all these services, your monthly fee can go up to as high as 16.99 USD, which is a turning point for some users.
The amazing thing about Revolut is that it helps you in budgeting and analytics. I guess this is why more than 18m users and 500,00 businesses trusted them. To add, Revolut gives you access to more than 50 cryptocurrencies.
Ally bank
Ally Bank is another crypto-friendly bank that goes beyond crypto and NFTs. Ally offers checking and savings accounts, loans, trading, credit cards e.t.c
Ally Bank is growing to be known for cryptocurrency investment. It allows you to invest in stocks and crypto without getting any commission from you. The amazing part is its Coinbase integration which makes it easy for you to connect your cards with Coinbase.
Conclusion
Banks that accept cryptocurrencies are more than the ones i mentioned in this article. However, the ones mentioned are one of the best out there in case you are considering one. In case you are still indoubt, I answered a few FAQs in the next line.
Frequently asked questions
- Is Chase banks crypto-friendly?
Like other big banks that are yet to adopt crypto, Chase is not crypto-friendly. You can not use Chase Cards to purchase cryptocurrencies. In fact, they advise their users to be careful of the crypto world.
Chase has recently initiated some sort of negotiation with Coinbase and might have a U-turn in the near future. It already launched the JPM coin.
- What banks are allowing cryptocurrency?
The major banks and popular banks are not accepting crypto trading and exchange. But there have been lots of FinTech springing up to take care of the market gap. The banks that allow crypto are but are not limited to Ally, Quontic, Wirex, Juno e.t.c
- What is the most crypto-friendly country?
While some countries are still vehemently against crypto, some countries already accepted the revolution. These countries are Portugal, Germany, Malta, Singapore, Puerto-Rico, El-Salvador, Solvencia e.t.c
Considering all factors, El-Salvador is the best country for crypto because it does Tax you on crypto exchange and crypto-related transactions
- Do some banks not allow crypto?
Yes, some banks do not allow crypto and also advise their users to stay away from it. Tagging it fraudulently. Major banks like Chase and Bank Of America do not even allow their users to use their cards to purchase crypto.