There is a false belief that Bitcoin has no real-world applications. The truth is that crypto has grown in popularity to the point where institutions have been established to handle just crypto transactions.
Banks that are crypto-friendly are forward-thinking financial institutions that accept cryptocurrencies as a form of payment. This type of crypto-friendly bank combines cryptocurrency and traditional banking activities.
Customers can use crypto-friendly banks to get lower transaction fees when switching between cryptos and traditional currencies. However, some banks worldwide avoid transactions with Bitcoin and other cryptocurrencies.
They frequently restrict or even prohibit the use of crypto in their accounts due to a perceived danger to FIAT money.
Here, I tried to highlight some bank that accepts Bitcoin or other cryptocurrencies that are the best choices to consider.
1. Wirex is a UK-based crypto-friendly banking service for buying and selling cryptocurrencies. Wirex offers its members a range of benefits, including a 0.5 percent BTC refund. It has a Mastercard that allows you to spend 21 different currencies in real-time.
The card and account have the same appearance as a traditional UK bank card, with a UK Financial Conduct Authority-registered account number and sort code. Wirex gives you complete freedom in the realm of borderless payments.
2. USAA is a financial services firm established in Texas that allows consumers to open bank accounts without paying a monthly charge. Over the last several years, it has invested over $150 million in Coinbase, making it simple for its customers to deal with the world's largest bitcoin exchange.
It connects you to Coinbase, allowing you to track your Bitcoin wallet and keep track of transactions. It enables you to pay bills, transfer money, and more, all in one convenient location. It provides commission-free withdrawals from over 60,000 ATMs across the country.
3. Barclays is a pioneer in blockchain technology, allowing its customers to conduct crypto transactions safely and securely. It is present in a number of nations around the world.
Barclays credit and debit cards can be used to buy cryptocurrency. These transactions are subject to a few conditions, but they are normally straightforward to accomplish.
4. For cryptocurrency fans in the United States, Ally Bank is a crypto-friendly bank. This bank is supervised by US laws and is home to a number of the world's most popular bitcoin exchanges, including Coinbase.
Different from other large commercial banks, Ally allows customers to purchase Bitcoin and other cryptocurrencies using their debit or credit cards. They also make it simple and easy to buy cryptocurrency using a wire transfer. It pays up to 2.75 percent annual interest on your money if you invest it.
5. Simple Bank began as a forward-thinking Fintech startup. It has since grown to become one of the largest FDIC-backed banks in the United States. This Oregon-based bank has partnered with many cryptocurrency exchanges, making it one of the country's most crypto-accessible institutions.
Simple Bank customers can execute direct buy-sell transactions. In order to develop a global cryptocurrency network, this bank supports popular cryptos such as Bitcoin, Ethereum, Ripple, Litecoin, and others.
6. Solarisbank is a financial institution that specializes on solar (Germany) This German startup, which is recognized for providing industry heavyweights like Samsung with a variety of APIs for digital banking, is now enabling unrivaled fiat-to-crypto trading and speedy settlement in its trading solution.
Its relationship with Bitstamp, a Luxembourg-based exchange, made this possible. This bank feels that permitting quick crypto-to-fiat conversions is a good way to reduce fraud and provide a smooth trading experience for crypto enthusiasts.
7. The National Bank of Canada is the country's sixth-largest bank, with headquarters in Montreal. It serves approximately 2.4 million customers and operates a number of businesses across the United States.
Despite being one of the world's largest financial institutions, the National Bank of Canada is one of the few banks that has maintained a close engagement with crypto firms. It provides a variety of banking services with no additional monthly costs.
8. Revolut began as an unauthorized financial institution in the United Kingdom, but it has since developed into a full-fledged bank with over 2 million customers. Their services are available to residents of the United Kingdom and Europe.
Revolut is well-known for letting individuals and companies to do cryptocurrency transactions using their bank accounts. All three types of accounts (standard, premium, and metal) support cryptocurrency transactions, and consumers in the European Economic Area can use them (EEA).
9. BankProv is one of the greatest crypto-friendly banks, providing full-service USD banking products to cryptocurrency enthusiasts and enterprises.
BankProv, the country's tenth-oldest bank, has lately entered the crypto field, providing fully-insured USD backing solutions for crypto firms, unique API banking solutions, safe cash vault services for BTM operators, and crypto-backed loans. It provides protected deposits as well as client-to-client transfers 24 hours a day, seven days a week.
10. Coinbase is a digital currency marketplace that allows users to buy, sell, transfer, and store digital money. It uses offline storage to safely store a wide range of digital materials.
This network supports over 100 countries and gives you $5 in Bitcoin just for joining up. It safeguards your cash by storing them in a vault.
11. OnJuno is a crypto-friendly all-in-one checking account that is only dedicated to assisting people in growing their savings and achieving their financial objectives more quickly. It now offers services such as selling, buying, and storing cryptocurrencies such as BTC, ETH, polygon, and USDC directly into checking accounts.
The USD cash balances are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 through our partner bank, Evolve Bank & Trust. It is an API-based Neo-banking platform. It gives a 1.20 percent annual bonus on deposit balances between $5,000 and $50,000 (basic users) (metal users).
Users can pay with cash or cryptocurrency using their metal debit cards at any Mastercard outlet around the world and receive up to 10% cashback.
12. Nuri (Bitwala) provides basic bitcoin bank accounts for day-to-day banking and cryptocurrency trading. It allows you to keep Bitcoins, traditional cash, and other cryptocurrencies all in one account, as well as invest in cryptocurrencies directly from your own bank account.
13. Changeinvest is a cryptocurrency trading bank that lets users store a variety of coins. It accepts BTC, ETH, and XRP as well as other cryptocurrencies. It has a simple approach for opening an account with a small deposit. Changeinvest features a built-in cryptocurrency exchange that works seamlessly.
These are not all crypto listed banks, though I tried to highlight the best crypto-friendly bank in 2022 and wish you can utilize this information in your crypto trading journey.
