Even though the Cryptocurrency hype didn’t move banks to become more crypto friendly, it´s strength did.
What we are starting to see now, is, banks all over the world joining the cryptocurrency industry, but why? Is it because they have watched it resist? Maybe. It´s during rough times we get to see if this thing is for real or not.
Recently banks have realized they cannot fight the evolution of money. Yes, it is a process (and it could be a long one), yet it is an unavoidable advancement. So, instead of fighting the system, banks have decided to join the industry.
Crypto-friendly-banks are very important to the industry because it benefits the expansion of this technology, in masses.
Startups and business yearning to adopt cryptocurrencies are the first to benefit from their acceptance.
Anyhow, let’s take a look at some of the banks that have embraced the cryptocurrency and blockchain technology around the globe?
- Simple Bank is a financial institution that is based in Oregon, USA. The bank has worked with several different exchanges, supporting cryptocurrencies for quite a while now.
It is one of the very few banks to have all deposits insured by the Federal Deposits Insurance Corporation. Therefore, this is a benefit to the more cautious crypto traders and businesses.
Ps: You will not be able to use this bank unless you are a USA resident.
- Goldman Sachs. This giant in the financial sphere has presented forward-thinking and taken a significant step into the crypto market.
According to Investingblockchain.com, GS has gradually been bringing in customers on to their own Bitcoin trading desk. Moreover, this makes them the first bank on wall street to have created a cryptocurrency trading platform.
In addition, imagine the potential they carry with one of the biggest revenue streams.
- Ally Bank is an online-only bank, with no branches. It operates around the clock. This seems like a great option for anyone interested in getting involved with cryptos. The bank allows accounts to be integrated with Coinbase, enabling its customers to buy cryptos with their cards.
Although this is a no-hassle platform, it charges a small fee when their customers use their cards to purchase cryptocurrency.
- USAA is a bank that proudly serves military members and their families. Similar to Ally bank, this group also allows for Coinbase integration. The bank is very supportive of the crypto market right into the Coinbase´s Series C round of funding. As a matter of fact, this has made them the first bank in the US to invest in a crypto exchange.
- Fidor Bank is a German Bank with an online model. Based in Munich, Germany, they have a well-established relationship with the German Bitcoin exchange, Bitcoin.de. Thus, allowing their customers to buy Bitcoin directly through the bank.
The bank is helping startups and businesses to obtain the support they need to fund their projects and activities.
- LHV is a well-established bank on top of the list in Estonia. They push the envelope to be forefront with blockchain technology in a partnership with Coinfloor.
This kind of partnership is getting the Bitcoin integration up and moving.
Additionally, they have integrated a new application called Cuber Wallet, to their customers. The application is a blockchain system that lets their customers send digital euro to each other.
- Monaize is an online French Mobile Bank, seeking to bridge the gap between banking and crypto users in the EU. This is particularly important for freelancers and small businesses.
Further, they built an almost instant KYC procedure, in other words, they have a much faster KYC procedure than most. KYC
The bank is focused on extending to crypto wallets, insurance, and even other payment solutions.
- Maerki Baumann is a private bank in Zurich, Switzerland.
This comes in like a breath of fresh air for the hundreds of famous cryptocurrency companies in the nation.
- Barclays is one of the largest banks in the UK. The banking giant is an investment bank in several different countries.
In operation for over 300 years, this respected bank recently applied for two patents in the US. They did so, in relation to their cryptocurrency operations, trying to develop a method for customers to pay with digital currencies. As well as for the blockchain information processing.
To benefit their customers, they have partnered with Coinbase to facilitate tradings.
- Wirex is not only a Bank but also a provider of a crypto wallet service, allowing for purchase and sale of cryptos. They are based in London and regulated by the Financial Conduct Authority.
Each customer is given a debit card with a legitimate British bank account number and sort code. They are also given access to several other features. For example, In-store purchases receive 0.5% money back in Bitcoin right into their accounts.
The bank provides a cryptocurrency platform to trade for fiat or vice versa. Allowing customers to make online and in-store purchases as well with instantaneous conversions.
- Bankera is a European bank, bridging the traditional banking structure and blockchain technology. They will do this through Spectrocoin; it provides brokerage services for their customers. It offers exchange services for its customers for cryptos and tokens.
- The National Bank of Canada is one of the few banks in Canada that has kept a relationship with the crypto market. Although the bank allows customers to buy Bitcoins using their cards, they are heavily monitored, and the system is deeply regulated.
If you know of any other crypto-friendly-banks, please share with us in the comments.
You might know someone who could benefit from this list, so please share!
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market. However, it is only our point of view and not legal advice. Therefore, it may be divergent from other opinions. So, please do not make any decisions without concluding studies of your own. Evaluate the profit possibilities and uncertainties involved at your own risk.