I know some of you might be confused about the title and think that crypto was not invented to avoid banks and make a new system.
Well, it was like that, and it still is.
Crypto, specifically Bitcoin, was born to create a reliable and untrustworthy alternative to traditional banking.
But let’s be honest, without the existing banking structure, Bitcoin could not have reached the heights it is today, so quickly.
Access to debit and credit cards allowed millions of investors to invest in Bitcoin. But it was there, their approach also went wrong.
Bitcoin is not just an investment tool that you buy low or sell high, it is much more and many of us are not aware of this.
But banks have realized that Bitcoin and crypto are an existential threat to them, which is why many banks around the world have stopped turning to crypto / Bitcoin companies.
The big banks in particular are quite skeptical about these digital currencies and the technology behind them because they have never been exposed to such direct competition from the internet industry on the issue of money.
Several UK, Australian and US banks have now banned the use of credit / debit cards to buy Bitcoin or other cryptocurrencies.
Therefore, cryptocurrency users now need crypto- or Bitcoin-friendly banks, more than ever, for their fiat off & on-ramps.
Due to the denial of the existing infrastructure, many investors, as well as cryptocurrencies, are looking for more friendly solutions to interact with cryptocurrencies.
And the good news is:
Some pioneers have begun to build the new infrastructure, while old small banks in some places are trying to become more open about this technology.
Top Bitcoin-friendly banks that allow cryptocurrency in 2022
# 1. Wirex (Best Bank for Bitcoin)
Wirex is a provider of cryptocurrency wallet and a crypto-friendly banking service for buying / selling cryptocurrencies based from the UK, London.
The first available Wirex currency account will be based in the UK – available to dozens of countries around the world – with a UK account number and sort code, 100% secure and fully registered with the UK Financial Services Authority.
They also give you their real debit card that you like for your account and it gets even better from here:
With this card, when you want to make retail purchases in the store, you get 0.5% cashback in the form of BTC (Wirex calls it cryptoback).
And here are some more USPs to use this crypto-friendly UK-based banking service:
- Buy, store and manage your crypto (BTC, LTC, XRP, ETH) and traditional money (GBP, USD, EUR).
- Add money using a credit card, debit card or bank transfer.
- Instantly exchange between crypto and traditional currencies for live exchange rates.
- Link to your Wirex Visa debit card to convert and use your crypto in-store and online
- Send quickly and easily 18 traditional and digital currencies around the world
- Transfer money in and out of your account with SEPA / SWIFT / Faster payments *
- Enjoy unlimited access to a world of limitless payments
# 2. Change
Change is another crypto-friendly bank in Europe, but it’s under way.
Changes cryptocurrency is in place thanks to the massive funding ($ 17.5 million) they received. They also offer in-app trading with Bitcoin, Ether, Litecoin and Ripple, which is also free of commission.
They have their iOS and Android apps in place, but right now only European customers can use it.
They will also launch their original credit / debit cards, obtain the European payment license, make fiat wallets and IBAN numbers, and finally obtain a full banking license by 2020.
# 3. Revolut
Revolut is a UK registered company that started without a license but has now become a full-fledged bank since its launch in 2015 with over 2 million customers.
Their service is available to countries in the UK and the euro area, and US residents are unable to use it at this time.
Most importantly, it allows companies and individuals to manage cryptocurrencies when using their bank account. In addition, it has built-in features that also help you buy bitcoin and other cryptocurrencies.
It offers three types of accounts: Standard, Premium and Metal, so you can choose what suits you for international banking as well as your cryptocurrency needs.
# 4. Banker
Believe it or not:
Banker builds a simple bank for the blockchain era.
Bankera aims to be the bridge between the traditional banking world and blockchain technology. And it’s very capable of doing so because they have experience developing -SpectroCoin, (popular cryptocurrency and exchange)
Bankera will only be like the old brick and mortar banks, but built on the new technology with blockchain / AI combined. The process is still ongoing and it is likely to go live in a year or so.
# 5. MonAize
Monaize is an integrated banking platform for crypto and bank account users.
It is a European e-banking platform that has a mobile-first approach that intends to deliver current accounts to freelancers and small businesses.
You can think of them as crypto-business bank accounts
They also have an instant KYC check process in place for companies on board, and it will hardly take a few minutes to do so, compared to traditional banks.
Monaize will also integrate with other third-party services such as professional insurance, payment solutions and number of crypto-wallets.
Monaize is also looking at features within the current banking infrastructure as they open up to the blockchain community and make users, small businesses, aware of this exciting new technology.
Monaize will expand its services to the UK, Germany and the US in 2019 before rolling out to the other countries in the world.
# 6. United Services Automobile Association (or USAA)
USAA is a Texas, USA based financial services company for US military citizens. It is a Fortune 500 company that caters to active, retired, and honorably separated officers and recruited personnel from the U.S. military.
It also allows civilians to set up their bank accounts with them and has invested $ 150 million in Coinbase, making it easy for USAA bank account holders to interact with Coinbase’s Bitcoin account.
With your USAA account you can fully track your Bitcoin wallet on Coinbase and thus connect USAA with Coinbase, see your balance and monitor your transactions
Note: Information related to Bitcoin wallets is provided by Coinbase and is accurate at the time it is retrieved. USAA does not independently verify the accuracy of this information. Plus USAA is insured by the FDIC so you can stay calm.
# 7. Bitwala
Bitwala offers the world’s first cryptocurrency simple bank account, from which you can manage your daily banking business, trade cryptocurrency and store bitcoin all in one account.
Bitwala understands your pain points because their own bank account was closed for crypto trading. Thus, they have come back with banking solutions that support crypto.
The company has been operating in this area since 2013 and is registered as a bank under the German Banking Act. So any German citizen can easily use their service to get crypto-friendly banking services in minutes.
# 8. Ally Bank
For US customers interested in Bitcoin and other cryptocurrencies as well as traditional banking, Ally Bank is for them.
Ally Bank is fully regulated by US laws and operates major cryptocurrency exchanges such as Coinbase. In addition, it is a complete digital platform without physical branches and 24-hour online support, which reflects the best need for crypto lovers.
Only US residents can use Ally Bank services from now on.
# 9. Simple bank
Simple bank started as a Fintech startup of today and has transformed into an FDIC-backed / insured bank for US citizens. The bank is based in Oregon, USA and has therefore worked with numerous US-based cryptocurrency exchanges, making it one of the friendliest Bitcoin banks for US citizens.
# 10. National Bank of Canada
National Bank of Canada is one of the few Canadian banks that has maintained a relationship with cryptocurrency companies. If you are a Canadian resident, you can use this bank to buy / sell cryptocurrencies like Bitcoin.
But even though it allows crypto transactions, the bank is heavily regulated and examines the transactions carefully.
Whereas other Canadian banks such as the Royal Bank of Canada & Toronto Bank have banned its users from using their banking services to buy / sell cryptocurrencies.
# 11. Barclays
Barclays-The largest investment bank in the UK is particularly interested in your cryptocurrencies and blockchain technology. They allow UK residents to buy / sell cryptocurrencies through their banking services along with Coinbase.
In addition, it explores other ways to secure cryptocurrency transactions in the traditional area using blockchain technology.
Banks that accept cryptocurrency
So these were some of the crypto / Bitcoin friendly banks that were running or live. And there have been advocates for several such Bitcoin / crypto-friendly banks around the world and Wyoming; a state in the western United States is trying to become a hotbed of such banks.
Wyoming seeks to create friendly rules to form blockchain-friendly banks to lure Bitcoin Startups.
And the biggest difference between such crypto banks and traditional banks will be that while conventional banks operate with fractional reserve loans, Wyoming’s crypto bank will be 100% supported.
This means that it will maintain a 100% ratio of cryptocurrencies to cash, making it essentially a “money warehouse” or a “transfer institution”, but only for crypto-related services.
Caitlin Long, a 22-year-old Wall Street veteran, is driving this movement and eventually building such a first bank in Wyoming for crypto companies.
Amazing #Wyoming # Blockchain Task Force mtg ends in Jackson — we move on with a special #bank to #krypto because, #fintech #sand box w / reciprocity, extension of #utilitytoken bill and bill to attract #krypto miners to WY. More to do, but lots of progress!#theworld needs more cowboys pic.twitter.com/nLss9eJevN
– Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) September 26, 2018
In addition, some services trace the traditional banks and their relative friendliness towards crypto. And here are some interesting geographic data from them:
- Crypto / Bitcoin-friendly banks in the USA
- Crypto / Bitcoin friendly banks in the UK
- Crypto / Bitcoin-friendly banks in Europe
- Crypto / Bitcoin-friendly banks in Malta
Note: These pictures are taken from moonbanking.comfeel free to visit them for more information on your country’s situation.
And with that said, I’m taking leave today and I hope this information on crypto-friendly banks helps you make better decisions.
Finally, share this post with your friends and family who would like to know more about such banks !!