The finance world is changing quickly, and banks are getting on board. With the digital currency industry attracting more users, financial institutions are adapting to meet the needs of their clients all over the globe.
In 2024, the landscape of crypto banks is diverse, offering many options for individuals and businesses interested in integrating digital assets into their financial operations.
This article explores the ten most crypto friendly banks around the globe, highlighting their services and features.
Revolut
Revolut is a UK-based global neobank that offers a user-friendly platform integrating traditional banking with crypto services for its 40 million users. The app's simple interface prioritizes ease of use, making cryptocurrencies accessible to millions globally.
Revolut is a bank that supports banks that accept cryptocurrency deposits of over 130 cryptocurrencies. Users can buy, sell, and hold various digital assets through the mobile app.
Revolut Crypto Offerings
Revolut allows users to transfer BTC, ETH, USDT, and other tokens to and from external wallets. The platform offers tiered plans with varying crypto fees:
- Standard (Free),
- Plus (£3.99/month),
- Premium (£7.99/month),
- Metal (£14.99/month),
- Ultra (£45/month introductory offer).
Premium and Metal users enjoy a 0.99% fee on crypto transactions, while Standard and Plus accounts incur a 1.49% fee.
Revolut Pros and Cons
Pros:
- Support for over 130 cryptocurrencies
- Integration of traditional banking and crypto services
- Cold storage for enhanced security
Cons:
- High fees for Standard and Plus plan users
- Limited ability to transfer cryptocurrencies to external wallets
- Lack of cryptocurrency investment insurance
- Users don't truly own the coins (derivative trading)
Onyx by JP Morgan Chase
Onyx by JP Morgan Chase offers comprehensive financial services for corporations, institutions, and individuals worldwide. The bank provides investment banking solutions, including mergers and acquisitions, capital raising, and risk management. It supports the entire investment cycle with market-leading research, analytics, execution, and investor services.
JP Morgan Chase Crypto Offerings
JP Morgan Chase has implemented a high-speed quantum-secured crypto-agile network (Q-CAN) connecting data centers. The bank's JPM Coin facilitates faster and more efficient transactions on a permissioned blockchain.
JP Morgan Chase has also developed Coin Systems, a payment rail supporting real-time, multi-currency payments using multi-bank shared ledgers, making it one of the best crypto friendly banks for businesses.
JP Morgan Chase Pros and Cons
Pros:
- Backed by a reputable financial institution
- Faster and more efficient transactions
- Enhanced security with quantum key distribution
Cons:
- Operates on a permissioned blockchain, limiting decentralization
- Potential centralization of power
- Regulatory scrutiny concerns
Cash App
Cash App is a smartphone app that offers a streamlined platform for sending, spending, banking, and investing. Users can send money instantly, split bills, and receive direct deposits. The app provides a free Cash Card debit card for ATM withdrawals and in-store payments. It also supports bill payments and offers no-fee stock trading.
Cash App Crypto Offerings
Cash App allows users to buy, sell, and hold Bitcoin. The platform charges a 1.76% fee for crypto purchases, with an additional service fee per transaction. Users can invest as little as $1.00 in Bitcoin, making it accessible for beginners. Cash App securely stores private keys, enabling instant access to Bitcoin holdings.
Cash App Pros and Cons
Pros:
- User-friendly interface
- Instant money transfers
- Free debit card
- Bitcoin bank account and stock trading options
Cons:
- Limited cryptocurrency selection (Bitcoin only)
- Transaction limits for new users
- No FDIC insurance for crypto holdings
- Limited international availability
Juno
Juno offers a comprehensive platform combining traditional banking with crypto services. Users receive a personal account and routing number, enabling ACH and wire transfers. The platform supports direct deposits and automated bill payments. Juno's Treasury Account feature invests funds in T-bills, backed by the US Government, with assets held by a registered broker-dealer at BNY Mellon.
Juno Crypto Offerings
Juno provides an instant on-ramp to over 20 blockchain networks, supporting cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and Solana. Users can buy, sell, and withdraw crypto without holding periods.
Juno Pros and Cons
Pros:
- Integrated fiat and crypto accounts
- No holding period for crypto withdrawals
- Competitive interest rates on checking accounts
- Cashback rewards on debit card purchases
Cons:
- Limited availability in certain regions
- No crypto-backed loans
- No interest-earning options for Bitcoin and Ethereum
Wirex
Wirex, a digital payments platform founded in 2014, supports over 130+ cryptocurrencies. It offers a multi-currency rewards debit card accepted at over 61 million locations worldwide.
The platform provides competitive exchange rates, no monthly fees, and up to $400.00 in free ATM withdrawals per month. Wirex also features a user-friendly earning product called X-Accounts, allowing users to generate up to 20% APR on various crypto and fiat currencies.
Wirex Crypto Offerings
Wirex supports over 130 cryptocurrencies, including Bitcoin, Ethereum, Cardano, Dogecoin, and Solana. The platform integrates with 10 different crypto exchanges and 3 over-the-counter institutions to secure the best rates for trading pairs. Wirex doesn't charge set fees for crypto trading; instead, it applies varying spread fees.
Wirex Pros and Cons
Pros:
- Multi-currency support for both fiat and crypto
- Competitive exchange rates
- No monthly fees
- Up to 2% cashback in WXT for purchases
- Free ATM withdrawals up to $400.00 monthly
Cons:
- Limited cryptocurrency selection compared to major exchanges
- Lack of advanced trading tools
- 1% top-up fee for credit or debit card crypto purchases
BankProv
BankProv, formerly known as Provident Bank, offers innovative banking solutions for niche markets, including cryptocurrency, renewable energy, and fintech. It provides a 5-star platform with personal and business mobile apps for 24/7 secure banking. BankProv's approach caters to both individual and corporate clients, focusing on technology-first solutions.
BankProv Crypto Offerings
As one of the few banks offering deposit services to cryptocurrency exchanges, BankProv stands out among crypto-friendly banks for business. Its ProvXchange platform facilitates 24/7 crypto payments for enterprises. BankProv also provides banking services to digital asset issuers, exchangers, and investors, ensuring regulatory compliance through partnerships with top compliance consulting firms.
BankProv Pros and Cons
Pros:
- Specialized crypto-friendly banking services
- Robust compliance measures
- Full deposit insurance through Depositors Insurance Fund
- Competitive interest rates on crypto lending
Cons:
- Limited availability compared to larger banks
- Niche focus may not suit all banking needs
Quontic
Quontic, an innovative online bank, offers competitive rates and no monthly account fees. It provides high-interest checking, cash rewards checking, high-yield savings, and money market accounts.
Quontic's extensive ATM network includes over 90,000 surcharge-free locations. As a Community Development Financial Institution, it focuses on lending to economically disadvantaged individuals and communities.
Quontic Crypto Offerings
Quontic offers business banking solutions for blockchain and cryptocurrency companies. It offers interest-bearing accounts for cryptocurrencies, allowing users to earn passive income on digital assets.
Quontic Pros and Conswrite
Pros:
- Competitive interest rates
- No monthly maintenance fees
- Large ATM network
- Crypto-friendly policies
Cons:
- Limited physical branches
- Restricted product offerings compared to traditional banks
Mercury
Mercury offers business crypto friendly bank account options tailored for startups. The platform provides free accounts with no minimum balance requirements or monthly fees. Features include free wire transfers, high FDIC insurance coverage of up to $5 million, and customizable employee cards.
Mercury Crypto Offerings
While Mercury doesn't hold cryptocurrencies directly, it allows users to buy crypto through their accounts without restrictions. The platform caters to Web3 companies, offering business banking solutions that accommodate their unique needs. Mercury's Treasury product provides attractive yields for balances over $500,000, making it appealing for crypto-related businesses.
Mercury Pros and Cons
Pros:
- No monthly fees or minimum balance requirements
- High FDIC insurance coverage
- Customizable features for startups
- Crypto-friendly policies
Cons:
- No cash deposits accepted
- Limited traditional banking features
- Savings account doesn't earn interest
- Customer support primarily through email
Monzo
Monzo, a UK-based digital bank, has simplified banking for over 7.5 million users. Its user-friendly mobile app integrates traditional banking with crypto-related services. Monzo supports faster payments and direct debits to cryptocurrency exchanges, allowing users to monitor their crypto holdings alongside regular banking transactions.
Monzo Crypto Offerings
While Monzo doesn't offer direct crypto trading, it partners with Coinbase, enabling customers to use their Monzo accounts and cards for transactions on the Coinbase platform. Users can easily utilize Monzo cards with various crypto exchanges. The bank ensures secure crypto transactions, solidifying its reputation as a reliable crypto-friendly banking solution.
Monzo Pros and Cons
Pros:
- User-friendly mobile app
- Integration of traditional banking and crypto services
- Support for faster payments to crypto exchanges
- Ability to monitor crypto holdings within the app
Cons:
- No direct crypto trading offered
- Limited to partnering with specific exchanges
- Occasional transaction blocking based on risk assessment
Ally Bank
Ally Bank, a customer-centric online bank, offers comprehensive digital tools for effective financial management. It supports the use of accounts for transactions with external cryptocurrency exchanges, providing a seamless flow of funds for crypto investments. Ally's transparent fee structure and competitive interest rates make it an attractive option for customers looking to optimize their financial portfolio, including crypto investments.
Ally Bank Crypto Offerings
While Ally Bank doesn't directly offer crypto services, it allows customers to use their accounts with external cryptocurrency exchanges for trading. This integration enables users to track and allocate investments in real-time, enhancing the overall user experience for those involved in crypto trading.
Ally Bank Pros and Cons
Pros:
- Supports transactions with external crypto exchanges
- Comprehensive digital tools for financial management
- Transparent fee structure
- Competitive interest rates
Cons:
- No direct crypto trading services
- Limited to partnering with specific exchanges
The Rise of Crypto-Friendly Banking
Traditional banks have gradually embraced crypto. For example, JP Morgan released its own stablecoin in 2019. Other institutions like Bank of America and Ally Bank now allow customers to interact with crypto businesses. This evolution reflects a broader trend in the financial industry.
Cryptocurrency integration offers banks new revenue streams through services like trading, custody, and tokenization. It also enhances traditional services such as savings accounts and remittances. By adopting crypto, banks can attract a broader customer base, including the unbanked and underbanked populations who find cryptocurrency more accessible than traditional banking.
Crypto-friendly banks provide users with a seamless experience, combining traditional banking services with cryptocurrency capabilities. These institutions offer features like fiat-to-crypto transformations, integration with exchanges, and simplified cross-border payments. Users benefit from increased financial flexibility, enhanced privacy, and potentially lower transaction costs, especially for global transfers.
Conclusion
The rise of crypto-friendly banks has a significant impact on the financial landscape, bridging the gap between traditional banking and the digital asset ecosystem.
