Today, cryptocurrencies are more than just a trend. They have become an integral part of the global financial ecosystem, with over 420 million people using or interacting with Bitcoin or Binance Coin around the world. Among the largest users of cryptocurrencies are the United States, as well as Asian countries.
When working with cryptocurrency, it is important to find a bank that supports working with it, and also make sure that the rest of the functionality meets your requirements. For example, if you choose a large bank, Chase, it is worth inquiring about how to open or close a Chase checking account, transaction fees, loan offers, etc.
Cryptobanks vs Crypto-Friendly Banks
To work with cryptocurrency, users choose crypto banks and crypto-friendly banks. There are differences between them. Crypto banks are created specifically for cryptocurrencies. They are decentralized and run on blockchain technology. A good example of a crypto bank is Scallop. You can create a crypto bank account as easily as you do at Chase Bank, participate in crypto investing, and take advantage of a number of other features and services, particularly those offered by traditional banks.
On the other hand, crypto-friendly banks are traditional and centralized banks that allow their members to carry out crypto transactions using digital applications or bank cards. Not all banks accept cryptocurrencies and may even flag transactions that appear to be fraudulent. So let’s take a look at some of the best banks for cryptocurrency in 2024.
Best Crypto-Friendly Banks
Let’s look at the best crypto banks and traditional banks for working with cryptocurrency, taking into account the functionality and safety of using financial solutions.
JP Morgan Chase
JP Morgan Chase, one of the world’s largest financial institutions and a key player in the traditional financial institution, has entered the crypto space. The bank introduced JPM Coin to facilitate instant cross-border payments between institutional clients. The institutions offer crypto-friendly banking services to select exchanges and digital asset companies.
JP Morgan focuses on compliance and risk management while offering comprehensive, institutional-grade crypto market research. Although the requirements for opening a JP Morgan Chase account are more stringent than those of online platforms, the bank is reliable for large transactions.
Revolut
Revolut is a UK-based fintech project that offers various services such as crypto trading on its crypto banking app. The bank supports more than 30 cryptocurrencies and simplifies the process of selling, buying, and storing digital assets.
Key features of Revolut include a user-friendly platform for simplified cryptocurrency transactions and support for multiple cryptocurrencies. There are a variety of flexible purchasing options, including automatic exchange at preset rates and combined collections of tokens in DeFi and blockchain.
Juno
Juno is a cryptocurrency bank created specifically for businesses and individuals working in the cryptocurrency and blockchain space. The platform offers specialized crypto accounts with various features such as crypto-backed loans, trading, and savings. The project also offers various staking services that help users earn rewards for holding crypto assets.
Some key features of Juno include innovative Smart Treasury savings accounts for traders and stablecoin holders, as well as the adoption of advanced technologies such as artificial intelligence and machine learning for personalized analytics.
Wirex
Wirex is not a crypto bank but does offer payment cards in partnership with Mastercard. With support for both traditional and cryptocurrencies, it is a good choice for traders and users alike. Wirex offers a range of services such as free Web3 based accounts, secure debit card services, 0% global foreign exchange fees, and passive income through betting.
They even have a free plan where users can earn more tokens to unlock DeFi capabilities and other features with the top tier plans. Combined with free ATM withdrawals, this makes Wirex a good cryptocurrency-friendly bank.
Monzo
Monzo is a pioneer in digital banking and is now using decentralized finance to offer various cryptocurrency-related services. Although the project does not directly offer cryptocurrency trading, clients can use their bank accounts on other cryptocurrency exchanges. By integrating this, users will be able to track their crypto and non-crypto assets in one place.
Monzo cards can be used on most cryptocurrency exchanges, and the platform supports faster payments for easy fund management.
Ally Bank
Ally Bank is a traditional customer-centric online bank that does not offer direct crypto services. Instead, it allows its clients to use their bank accounts on external cryptocurrency exchanges for trading. The platform offers digital tools and services that can help manage finances and benefit traders. What’s more, Ally is an FDIC-insured American bank known for its transparent fee structure and competitive interest rates.
Cash App
Cash App is a comprehensive financial platform that was originally designed to enable peer-to-peer payments. The mobile app, developed by Square, offers a full range of banking services where users can get a Cash App debit card, receive transfers and direct deposits, and more.
The Cash App gives users the opportunity to invest in traditional stocks and cryptocurrencies with the unique ability to deposit and withdraw Bitcoin directly to and from personal wallets.
BankProv
The bank offers the opportunity to open checking accounts for cryptocurrency businesses and provide asset management for crypto traders. The Bank also facilitates cryptocurrency exchanges and other activities while ensuring compliance with anti-money laundering regulations and requirements.
BankProv provides cryptocurrency to fiat conversion and offers competitive interest rates on crypto lending as one of the most reliable traditional banks.
Mercury
Mercury offers customized banking solutions for companies using Web3. Although the platform does not allow users to store cryptocurrency directly in the account, users can purchase cryptocurrency using the account. Mercury also has a vault that extends FDIC insurance coverage to $5 million, and its treasury products offer attractive yields on balances greater than $500,000.
Mercury doesn’t charge a monthly service fee, can be integrated with a variety of platforms, and offers cashback bonuses.
Final Thoughts
When choosing a cryptocurrency friendly bank, you should consider various factors such as the ability to store crypto and fiat currencies, Visa or Mastercard crypto cards, integration with crypto exchanges and wallets, crypto banking services, crypto trading with cards, low transaction fees, and monthly payments. etc. You can learn more about the best banks and fintech platforms in the US and Europe, as well as about opening and closing Chase, Bank of America, and Citigroup accounts, and crypto trading on the Rates website.
