Crypto-Friendly Banks: What You Need to Know

With the downfall of top banks in the past and in recent years, cryptocurrencies are in need of reliable banking services. Some traditional banks are still denying crypto as an asset class and are slowly trying to cope with blockchain technology and the crypto industry. When BTC was released, the whole point was that we no longer needed banks to operate with funds. In theory, it may sound perfect, but crypto and traditional banks are going to co-exist in the foreseeable future. By maintaining such a dependency, it is easier for users to use any asset that works in their favor.

Let’s delve into more details of crypto-friendly banks with a list of leading banks in this sector.

1. Revolut

Revolut has been considered a pioneer in financial services since its launch in 2015. However, it started supporting cryptocurrency services in 2017 and began with crypto trading. This crypto-friendly bank is not only insured by FDIC but also supports 50+ cryptocurrencies, including the top coins like BTC(Bitcoin), ETH(Ethereum), and SOL(Solana). Users can send the crypto directly to other Revolut accounts and delegate their ETH coins to third-party staking validators.

With the use of crypto debit cards, customers can settle their bills using crypto. To make these payments, the Revolut mobile app automatically converts the crypto asset to fiat currency as per their market value. Its crypto card allows you to pay for goods and services and earn up to 1% cashback over the supported currency. They plan to launch their crypto, Revcoin, later this year. The only backdrop that people see in Revolut is the expensive fee.

Significant features of Revolut are:

• User-friendly interface for simplifying the buy and sell process of crypto, compatible with both new and experienced users.
• Supports different kinds of crypto assets, allowing the user to buy, sell, and trade multiple cryptocurrencies.
• Provides the flexibility to buy crypto as per the needs or set up an auto-exchange to get crypto at a specific rate.
• It introduces a collection bundle of multiple tokens in sectors like DeFi and blockchain.
• With its card features, users can spend their crypto on almost anything by making payments in crypto-converted fiat currency.

2. BankProv

BankProv is an old US-based bank established in 1828 under the parent organization Provident Bancorp. When digital currency was introduced, it aimed to strengthen and stabilize the crypto businesses. All the deposits are FDIC and DIF insured, providing the security that emerging businesses are looking for. The factor that separates it from its competitors is BankProv’s crypto-backed lending services. Their account holders can put their owned funds into work, earning interest by lending the coins or tokens to other traders.

Crypto businesses can streamline their products and services with the help of the extensive suite of API tooling. With a focus on enhanced security, privacy, and compliance, BankProv has become a trusted partner for institutions requiring crypto banking solutions. Its features include:

• Seamless and integrated solution for users to buy, sell, and store cryptocurrency securely in a digital wallet.
• Users have the flexibility to convert crypto into fiat currency so they can spend their crypto holdings conveniently.
• Offers competitive interest rates on crypto lending, providing their clients with an opportunity to get passive income over their digital holdings.
• Its reputation as a trusted financial institution in the traditional banking sector adds a layer of credibility to its crypto-centric services.

3. JPMorgan Chase

When talking about one of the largest and most reputable banks globally, JPMorgan Chase holds its place. It offers quite varied financial services, including traditional and investment banking. This bank has a keen interest in the crypto industry as it launched its digital currency, JPM Coins.

With its market reputation and records in the financial industry, it gained the client’s trust in its crypto banking services. In the rapidly evolving crypto landscape, this bank chose a customer-centric approach, ensuring personalized support and customized solutions for the unique needs of clients. During the downfall of top banks, JPMorgan Chase saved people’s money by taking over the funds. Some of the qualities of this bank are:

• JPMorgan Chase provides crypto-friendly banking services to its selected exchanges and digital asset firms for streamlined processing of transactions.
• The advanced risk management system of this bank and its expertise in compliance allow it to navigate the regulatory landscape and provide a secure environment for crypto activities.
• Offers comprehensive institutional-grade research with market insights on crypto, helping its clients to make informed decisions regarding their investments.
• As the bank is integrated with the major crypto exchanges, there is seamless connectivity and real-time execution for the trade.

4. Wirex

All the other platforms started as traditional banks and slowly moved toward the acceptance of cryptocurrency. Wirex set its foot in the market as a leading crypto bank from day one, offering a comprehensive platform for crypto products and services. It is a complete trading platform that supports 250 digital assets and hosts a cross-chain bridge that helps users shift tokens across various blockchain networks.

Its crypto debit cards have some great features, like it provides a massive 8% cash back over the purchases made with cryptocurrency. Wirex account offers good returns on stacking services and provides the users with a crypto wallet that supports NFTs and lets you interact with DeFi apps. This crypto-friendly bank has certain unique takes like:

• Build on Web3 with a free account and secured debit card services for on and off-ramping of everyday crypto needs.
• The global fee on foreign exchange is 0% with the Wirex card and exclusive crypto rewards over its use.
• Allows users to utilize the source of passive income with staking and save money by accessing institutional asset pricing.
• Get free withdrawals from ATMs without any monthly fee. Instant cross-chain bridge for stablecoins and crypto tokens without any additional charges.

5. Juno

A fintech company that combines cryptocurrency and traditional finance into a single account. Juno is a functional bank account for fiat currency but is also integrated with crypto wallets. Users can seamlessly connect their wallet with the Juno app and off-ramp their assets into a safe and FDIC-insured account. Supports a huge part of crypto assets and stablecoin like USDC; users can fund their checking account with these currencies on multiple blockchains.

Users can earn high-yield interest on their crypto assets by staking and liquidity mining; its crypto debit card allows customers to use digital currency for making payments or getting cash from ATMs. You will also earn a cashback of 5% on purchases. Other than these, there are certain additional features too:

• They introduced an innovative savings account called the Smart Treasury that provides attractive rewards on your stablecoin holdings.
• Uses advanced technology in finance, such as AI tech and machine learning algorithms, to provide personalized insights on financial recommendations.
• Offers a well-designed suite of financial services that includes lending, borrowing, and asset management that fulfills the needs of both individuals and institutional clients.
• Fostering strategic partnerships with leading blockchain projects and financial platforms to enhance product offerings and expand reach in the crypto banking space.