The rise of cryptocurrencies has led to a significant shift in the financial landscape. As crypto gains popularity, many financial institutions are adapting to this change by offering specialized banking services to accommodate crypto transactions.
This article explores the best crypto-friendly banks, explaining why they are considered top choices in the ever-evolving crypto space.
14 Best Crypto-Friendly Banks
Here are the top crypto-friendly banks and banking services providers, each offering a unique set of services tailored to the needs of cryptocurrency enthusiasts.
1. Cash App
Among its many features, Cash App allows users to buy Bitcoin and instantly withdraw funds to personal wallets.
Partnerships with banks such as Sutton Bank and Lincoln Savings Bank enable Cash App to provide banking services. This collaboration between Cash App and crypto-friendly banks ensures that customers have a convenient and secure way to manage their crypto transactions.
Sutton Bank also issues the Fold Visa® Prepaid Card, which allows you to earn Bitcoin on every purchase.
See also: How Does Cash App Work?
2. SoFi
SoFi is an innovative financial institution that has embraced the crypto revolution. Through its SoFi Invest platform, customers can trade crypto and access educational resources to learn about digital currencies.
With just a $10 minimum investment, users can start trading Bitcoin, Ethereum, Dogecoin, Cardano, and over 20 other coins on a platform available 24/7. Users can trade cryptocurrencies alongside stocks, fractional shares, and ETFs within the SoFi app, making it an all-in-one investment platform.
SoFi takes security seriously and offers a range of tools to protect your crypto holdings from theft. These include two-factor authentication, SSL encryption, partnering with trusted exchanges like Coinbase for transactions, and not sharing personal information with trading partners or custodians. This ensures that your investments are safe and secure on the platform.
The SoFi app also provides a wealth of educational resources, such as their Crypto Guide for Beginners, Crypto Glossary, and Guide to Crypto Staking, to help you make informed investment decisions. Keep in mind that due to its volatility, crypto carries a higher degree of risk compared to traditional investments.
Crypto trading on SoFi Invest is subject to a 1.25% markup on crypto transactions, which is added to the market price from the exchange. While there are no plans to allow transfers between SoFi Invest accounts and external wallets at this time, the platform’s focus on security and convenience makes it an attractive option for those interested in trading crypto.
3. Revolut
Revolut is a UK-based fintech company that was founded in 2020. It has quickly become a major banking player in the UK, Europe, and the US, as well as a top crypto-friendly bank. Their user-friendly mobile app lets customers easily buy cryptocurrencies like Bitcoin and manage their digital assets. The app also features automatic buy orders that activate based on certain market conditions, making the crypto investment process even smoother.
What sets Revolut apart from competitors is the variety of crypto-related services they offer. Customers can stake select crypto assets, make off-chain transactions between users, and pay bills using crypto through automatic conversion to fiat currency.
With over 50 cryptocurrencies on the platform and plans to expand, Revolut is dedicated to staying ahead in the digital currency world. Although there are transaction fees for crypto payments, users can reduce these fees with account upgrades. Revolut’s upcoming launch of its native coin, RevCoin, highlights their commitment to providing a diverse and dynamic crypto banking experience for their growing customer base.
4. Vast Bank
Vast Bank has made history as the first full-service national bank to provide customers with the ability to buy, sell, and hold cryptocurrencies. Through an intuitive mobile banking app, users can access both a checking account with a competitive 2.65% annual percentage yield (APY) and a dedicated crypto account.
As a nationally chartered and federally regulated U.S. bank, Vast Bank ensures a high level of security and reliability for its customers. By using the Vast Crypto Banking app, users can easily deposit USD into their checking account, purchase cryptocurrencies, and safely store their crypto alongside their fiat funds.
This crypto bank currently supports a wide range of popular cryptocurrencies. Among them are Bitcoin (BTC), Ethereum (ETH), Filecoin (FIL), Cosmos (ATOM), Chainlink (LINK), Cardano (ADA), Litecoin (LTC), Aave (AAVE), Bitcoin Cash (BCH), Orchid (OXT), Tezos (XTZ), and Algorand (ALGO).
Vast Bank offers the convenience and safety of traditional banking, such as FDIC insurance for checking accounts, a debit card with access to 56,000 free ATMs worldwide, account transfers, bill pay, and mobile deposits. However, it is important to note that digital assets held in the crypto account are not insured by any government entities, including FDIC or SIPC.
5. Wirex
Wirex is a standout in the world of crypto-friendly banks, offering users a seamless banking experience that supports both fiat currencies and cryptocurrencies. Available in 130 countries and boasting over 3.5 million users worldwide, Wirex provides a multi-currency account and a Visa card for convenient fiat payments.
One of the main attractions of Wirex is its generous savings interest rates, which reach up to 6% for cryptocurrencies such as BTC, ETH, and LTC. For those who prefer to save in fiat currencies like USD, AUD, HKD, or DAI, an impressive 12% interest rate is available. Additionally, users can earn an extra 4% interest when saving in WXT, Wirex’s native token.
Built on both Ethereum and Stellar blockchains, WXT offers exceptional performance and versatility within the decentralized finance (DeFi) sector. Wirex rewards its users with up to 4% WXT cashback each time they use their card for in-store or online purchases.
The multicurrency card allows for hassle-free payments when traveling abroad, automatically converting to the local currency with no exchange fees, and offering savings of up to 3% on international transactions.
Beyond being a Bitcoin-friendly bank, Wirex offers a wallet app that supports over 100 coins and includes DeFi and NFT capabilities. This combination of features makes Wirex an excellent choice for those seeking a comprehensive and crypto-friendly banking experience.
6. Ally Bank
Ally Bank is an online bank that has embraced the crypto revolution, offering an array of services to support digital assets. Some notable features from Ally’s website include:
- Crypto trusts: Ally offers private trusts that invest in and track the price of specific cryptocurrencies, allowing customers to indirectly trade them as they would a stock.
- Bitcoin futures: Ally provides access to exchange-traded funds (ETFs) that invest in the purchase of bitcoin futures contracts. This allows customers to gain exposure by speculating on the future price of Bitcoin without directly owning it.
- Crypto stocks: Ally enables customers to invest in publicly traded companies that buy and hold cryptocurrency. Buying shares of these stocks provide indirect exposure to crypto.
Ally Bank’s crypto trading services on the Ally Invest platform, integration with popular cryptocurrency exchanges, and digital asset storage and management make it a top choice for crypto enthusiasts seeking a crypto-friendly bank.
7. BankProv
BankProv is a forward-thinking US financial institution that provides a range of services, including business banking, cash management, personal banking, and cryptocurrency offerings. Embracing modern technologies, this crypto bank utilizes API banking, the ProvXchange network, and specializes in lending.
Its support for various digital assets ensures that customers can access a diverse range of investment options, making it a strong contender among crypto banks. Customers can enjoy real-time transactions through the ProvXchange network, while the API integration allows for seamless interaction with various platforms and software solutions.
BankProv provides crypto-backed loans and credit lines for organizations secured by Bitcoin or Ether, as well as equipment and infrastructure loans for crypto mining operations. Additionally, Bitcoin ATM operators can take advantage of secure cash vault services, expedited money transfers, and other perks tailored to businesses operating within the crypto sector.
8. Juno
Established in 2019, Juno is a fintech company offering a digital banking platform with hybrid accounts for managing both cash and cryptocurrencies. Despite not being a traditional bank, Juno’s exceptional services make it a top contender for cryptocurrency investments.
Juno enables users to purchase a range of popular cryptocurrencies without fees, and provides two types of checking accounts: Basic and Metal. The Basic account is free with a $5,000 daily funding limit, while the Metal account, free with monthly qualifying deposits of $250 or more, offers a $25,000 daily limit and up to six times higher savings.
Bonus rewards are a highlight of Juno’s offerings, with users earning up to 5% on cash deposits and yearly cashback for payments with cash or crypto. The JCOIN Loyalty Program allows customers to earn tokens and redeem them for exclusive discounts and cashback boosts. New users can benefit from a welcome offer, which includes bonuses for initial deposits, trades, and referrals.
Free cash withdrawals are available at Allpoint and MoneyPass® ATMs, with additional out-of-network withdrawals for both account types. Juno’s mobile banking app is compatible with iOS and Android, supporting Apple Pay, Google Pay, Samsung Pay, and debit cards. The platform also offers the unique feature of converting paychecks into crypto through partnerships with over 500 payroll providers, allowing users to automate their investments seamlessly.
9. Monzo
Monzo is an innovative online-only bank that has gained popularity in the UK for its modern approach to banking. More recently, Monzo has expanded its services to accept applications from US customers, broadening its reach in the financial market.
With a Monzo account, customers can manage all their bank accounts, including non-Monzo accounts, on a single dashboard through the Monzo app. While the bank itself does not support crypto trading, users can still invest their Monzo account funds into cryptocurrencies through crypto exchanges like Coinbase and Crypto.com. This feature provides Monzo users with indirect exposure to cryptocurrency while still enjoying the convenience and security of a modern bank.
10. Axos Bank
Axos Bank, a crypto-friendly institution, started providing its commercial banking clients with TassatPay access in May 2022. TassatPay is a private, permissioned blockchain-based digital payments platform that enables 24/7 real-time payment capabilities and has processed over $400 billion in transactions. This platform is endorsed by a primary bank regulator.
Axos also offers exposure to various crypto-related exchange-traded funds (ETFs). These include the Bitwise 10 Crypto Index Fund (BITW), Bitwise Crypto Industry Innovation ETF (BITQ), ProShares Bitcoin Strategy ETF (BITO), and ProShares Short Bitcoin Strategy ETF (BITI), among others.
11. Standard Chartered Bank
Standard Chartered Bank has demonstrated a strong interest in cryptocurrencies and blockchain technology, regularly conducting research and sharing insights on digital currencies. Recognizing the growing demand in the market, Standard Chartered is launching a crypto exchange and brokerage service to provide its customers with access to digital assets.
The bank’s direct crypto trading and investment services are still in development. However, their commitment to staying informed about the latest trends in the digital currency market and taking steps to launch new services indicates their growing involvement in the crypto space.
12. USAA
USAA, a financial institution dedicated to serving current and former military personnel and their families, provides a range of tailored financial products and services. Among these offerings is an integration with Coinbase, a leading cryptocurrency exchange.
Through this partnership, USAA customers can conveniently link their Coinbase accounts to their USAA portal, enabling them to easily monitor their digital asset balances and track transactions. This feature streamlines the process of staying informed about one’s cryptocurrency holdings and activity, offering an added layer of convenience for USAA members.
13. Fidor
Fidor is a pioneering online bank headquartered in Munich, Germany. It offers innovative banking services designed to support digital assets. Its integration with popular cryptocurrency exchanges and crypto wallet services makes it an ideal choice for those looking for a crypto-friendly bank. Additionally, Fidor provides support for ICO and token sales, giving customers access to new and emerging cryptocurrencies.
14. PayPal
Although PayPal is not a bank, it offers various banking services and has expanded its support for cryptocurrency in recent years. PayPal enables users to buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
By partnering with Paxos Trust Company, a regulated provider of cryptocurrency products and services, PayPal ensures a secure and compliant experience for its customers. While it does not offer the full range of services that traditional banks do, PayPal’s support for crypto makes it an appealing choice for those who want to manage their cryptocurrencies alongside other financial transactions.
Bottom Line
The increasing popularity of cryptocurrency has led to a growing number of crypto-friendly banks, offering a range of services to accommodate the unique needs of digital asset users. These banks provide an array of services, from crypto trading and custody to debit cards and loans backed by crypto.
As the crypto industry continues to evolve, it’s crucial to stay informed and choose the best crypto-friendly bank to suit your needs. With so many crypto-friendly banks available, you can now manage your crypto alongside traditional banking services.
Frequently Asked Questions
What makes a bank crypto-friendly?
A crypto-friendly bank is one that supports and facilitates cryptocurrency transactions, storage, and trading. These banks typically offer a range of services tailored to the needs of digital asset users, such as integration with popular crypto platforms, crypto-backed loans, and the ability to spend crypto using a debit card.
Can I store my cryptocurrencies in a traditional bank account?
While some banks offer crypto-friendly services, cryptocurrencies are typically stored in digital wallets rather than traditional bank accounts. However, many crypto-friendly banks provide integration with popular crypto wallets and exchanges, allowing you to manage your crypto alongside your fiat currency.
Are crypto-friendly banks safe and secure?
Many crypto-friendly banks are FDIC-insured and follow strict regulatory requirements to ensure the security of your assets. It’s essential to research each bank’s security measures, such as two-factor authentication, encryption, and secure storage of crypto before choosing a crypto-friendly bank.
How do I choose the best crypto-friendly bank for my needs?
To choose the best crypto-friendly bank for your needs, consider the range of services offered, the bank’s reputation, and any fees associated with their services. You may also want to look for banks that provide educational resources, customer support, and a user-friendly platform for managing your crypto.
Can I use a debit card to spend my cryptocurrencies?
Some crypto-friendly banks and financial service providers offer debit cards that allow you to spend your crypto just like traditional fiat currency. These cards typically convert your cryptocurrencies to the local currency at the point of sale, making it convenient to use crypto for everyday transactions.
Do crypto-friendly banks offer loans and credit products?
Some crypto-friendly banks offer crypto-backed loans and lines of credit. These products allow you to leverage your crypto without selling it, providing greater financial flexibility for crypto users.
