The Best Bitcoin-Friendly Banks in 2023
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The next line of advancement in the banking system is the recognition of cryptocurrency as a form of exchange or payment system. Nowadays, we are beginning to have banks that accept crypto; they even offer custodian services for cryptocurrency. This sounds very interesting, as most banks do not want any dealings with crypto and blockchain businesses. This new generation of crypto-friendly banking institutions combines this crypto service with their regular primary banking services.
With the recent failure of Silicon Valley Bank and other similar bank failures in the U.S., investors are turning their attention to the new-generation banks that are crypto-friendly. In today’s article, we are going to consider some top crypto-friendly banks. Some of these banking institutions offer crypto-related services. They do not share many similarities with the traditional banking system. Most of these banks are online-based.
Monese
Monese is a United Kingdom-based financial technology and banking institution that was established in 2013. They provide alternative solutions to the conventional banking system, and their operations are entirely based on the online platform. They offer services in 31 European countries. Accounts could be opened in Britain’s pound sterling, Romanian leu, and euros.
They have a debit card, and it functions in a similar way as the debit cards from traditional banks. Users can use the debit card to purchase goods and services over the Internet. It can be used to make withdrawals. The Monese platform can be used to recharge airtime or purchase data for browsing on one’s mobile phone.
BankProv
This was formally known as a “provident bank.” It is among the top 10 oldest banks in the United States of America. Being among the oldest banks, it is also among the banks that are embracing cryptocurrency, Bitcoin, and blockchain businesses. BankProv offers API banking solutions and loans that are backed by cryptocurrencies. This bank particularly targets cryptocurrency companies. Due to BankProv’s membership in the Depositors Insurance Fund (DIF) and the Federal Deposit Insurance Corporation (FDIC), all USD deposits held by the company are fully guaranteed.
WIREX
Wirex is a crypto-friendly financial technology company based in London. It has facilities for trading crypto. Despite not being a regular bank, Wirex is an option for consumers who want to trade small sums and have a mechanism to transfer unused assets into saving platforms.
Since 2014, more than $2.5 billion in cryptocurrency and fiat currency trades have been carried out by more than two million customers across 130 countries thanks to Wirex technology. Additionally, Wirex provides the interest-paying X-Account, which lets users earn up to 16% on deposits made in fiat and cryptocurrencies.
JUNO
Juno is a financial technology company that offers a variety of banking services in collaboration with Evolve Bank and Trust. Evolve Bank and Trust is a financial institution that focuses on technology. They use this technology to provide numerous banking services, which include depositing, buying, selling, and withdrawing cryptocurrencies. They also provide the service of withdrawing cryptocurrencies into an external wallet.
Users can access a network of more than 80,000 ATMs without paying a fee and pay bills using their Juno accounts. Cryptocurrencies like Bitcoin, Ethereum, and Solana are currently being supported by Juno.
REVOLUT
Revolut provides a variety of financial services without being a traditional bank. You may receive direct deposits, send and receive money, earn interest on your savings, and link all of your bank accounts in one location for simple tracking and budgeting with a Revolut account. For those involved in partnership business ventures, you can create joint accounts or sub-accounts. Revolut also provides trading in equities, precious metals, and cryptocurrencies.
Revolut is a great choice for people who want to switch to digital banking, particularly if currency exchange is a key feature. Frequent travelers can use their Revolut balances to withdraw local money and convert currencies without paying any fees.
BitcoinIRA
This is one of the best-known crypto IRA platforms. The Bitcoin IRA supports more than 60 assets, including Bitcoin, Ethereum, and Cardano. It allows you to trade on the website around the clock. In addition to that, you can transfer your current IRAs and 401(k)s into Bitcoin IRAs.
The platform collaborates with cryptocurrency custodial services provider BitGo to safely hold your cryptocurrencies and provide users with up to $700 million in protection. A new Bitcoin IRA account requires a $3000 minimum deposit to get started. A 0.99% one-time deposit fee and a monthly security fee of 0.08% are also charged.
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