The global acceptance of cryptocurrencies has encouraged traditional financial institutions to integrate digital assets into their operations.
Crypto banks act as a bridge between fiat and cryptocurrency, making it easier for users to manage their digital assets seamlessly. It is, however, vital that you pick the right crypto bank.
To help you on that journey, this guide discusses the best crypto-friendly banks, including their features, pros and cons, and more.
The best crypto friendly banks in the United States summarized
The table below offers a quick look at the best crypto friendly banks in the United States, along with their key features:
| Bank name | Regulation | Notable features | Fees |
| JP Morgan | FinCEN | Robust security features; dedicated blockchain-based settlement platform | $0.65 per-contract fee; unlimited $0 commission online trades; Invest in any amount from $5 with fractional shares |
| Ally | FRB, the UDFI, the FDIC, and the CFPB | Indirect exposure to crypto; Offers comprehensive digital tools | Commission-free trading on eligible U.S. stocks and ETFs; $0 Commissions + 50¢ Per Contract for Options |
| Revolut | FinCEN | User-friendly interface; supports a diverse range of cryptocurrencies; Users can set up cryptocurrency vaults | Tiered fee ranging from 0.99% to 1.49% on crypto transactions |
| Goldman Sachs | Federal Reserve Board, the FDIC, and the New York State Department of Financial Services | Access to tokenized money market funds; Comprehensive research; Global presence | Up to 8 cents per share |
| Cash App | FinCEN; Consumer Financial Protection Bureau (CFPB) | Free debit card; Easy access to Bitcoin; Diverse investing services in one app | 1.76% fee for crypto purchases; additional service fee per transaction |
| Mercury | FINRA | Advanced tech tools; seamless bank transfers to major crypto exchanges; customizable features | Buying and selling fee of up to 3.95%; account fee ranging from $0 to up to $350 per month |
A closer look at the best U.S. crypto banks
Now let’s take a closer look at the best crypto friendly banks to understand what makes them the top choices:
JP Morgan
JP Morgan is one of the biggest banks globally and offers several financial services in the crypto segment through its Onyx platform. The bank boasts its own JPM Coin, which can be used for cross border payments, as well as to buy top-tier digital assets from the bank.
Furthermore, the bank has implemented a high-speed Q-CAN (quantum-secured crypto-agile network) to facilitate faster and more efficient transactions on a permissioned blockchain.
It must be noted that the bank doesn’t allow direct crypto trading, but it supports transfers to regulated crypto exchanges.
Key features
- Top quality institutional-grade research into crypto markets
- Strong security features, including built-in card security, fraud protection, and Chase Bank QuickBooks integration.
- Has its own blockchain-based settlement platform, Onyx.
- Use of Q-CAN for quick and efficient transactions.
Ally
Founded in 2009, Ally is a customer-centric, traditional online bank. The bank doesn’t allow direct purchase of cryptocurrencies, but does allow its customers to link their bank accounts with external cryptocurrency exchanges, such as Coinbase.
Ally also offers specialized crypto products, such as Bitcoin futures ETFs, crypto-related stocks, and crypto trusts.
Furthermore, the bank offers digital tools and services to users, including crypto users, to better manage their finances.
Key features
- An FDIC-insured institution that offers the security and reliability of a traditional bank while giving access to digital assets.
- Users can link their Ally bank accounts with external crypto exchanges for convenient crypto investing.
- Transparent fee structure and competitive interest rates.
Revolut
Founded in 2015, Revolut is one of the best FinTech operators headquartered in the UK. The crypto-bank allows users to buy and sell major cryptocurrencies from the app itself effortlessly. Moreover, it gives users the option to withdraw crypto from external wallets.
Another distinguishing feature of Revolut is that it allows users to set up cryptocurrency vaults to save and accumulate digital assets. The bank also has a modern app with a simple interface that enables users to access digital assets without leaving the app.
Key features
- In-app buying and selling of major cryptocurrencies.
- Supports withdrawal of crypto to external wallets.
- Integrated currency management, allowing instant transfers between USD and cryptocurrencies.
- Competitive rates for fiat-to-crypto exchange.
Goldman Sachs
Goldman Sachs is a financial powerhouse that is known for its customer-centric philosophy and global impact. Goldman Sachs, which is one of US’ oldest banks, has long been experimenting with blockchain.
In 2021, the bank launched a crypto desk, and only recently, it partnered with the Bank of New York Mellon (BNY) to connect BNY’s LiquidityDirect platform with Goldman’s private blockchain, called GS DAP. The move aims to give investors access to tokenized money market funds.
Key features
- Widespread global presence to facilitate seamless international transactions.
- Owns a private blockchain, called GS DAP.
- Give investors access to tokenized money market funds.
Cash App
Cash App was initially a peer-to-peer payments app, but has now transformed into a full-fledged financial platform. The app allows users to send and receive money, make deposits, invest in stocks, and trade crypto.
Furthermore, the app allows users to invest in Bitcoin from just $1 and securely store private keys to enable instant access to Bitcoin holdings. Developed by Square Inc., the Cash App provides users with a free Cash Card debit card.
Key features
- Provides a free Cash Card debit card to facilitate in-store payments and ATM withdrawals.
- Allow Bitcoin investing starting from just $1.
- Seamless integration of traditional and crypto-related services.
- Robust security features, including storing most BTC holdings offline in cold storage.
Mercury
Mercury offers online banking services, especially to startups and small to medium-sized businesses, including those operating in DeFi or NFTs. The bank does not support investment in cryptocurrencies directly, but it does allow users to buy crypto through their accounts without any restrictions.
Mercury users can easily perform fiat transactions, including quick transfers to popular crypto exchanges, such as Gemini, Coinbase, and more. Moreover, the bank offers advanced tech tools, including automated accounting, risk management and more.
Key features
- Allows unrestricted crypto purchases and easy bank transfers to exchanges.
- Advanced tech tools, such as accounting automation.
- Partnership with QuickBooks and Xero simplifies tax reporting.
- Customization features for startups and medium-sized businesses
Why choose a crypto friendly bank?
Crypto or Bitcoin banks were once a wild idea. Still, the concept is now gaining widespread traction as these banks offer similar convenience and services to crypto investors that traditional banks offer.
There are several reasons to choose a crypto friendly bank. Some of the most popular ones are:
What to look for in the best crypto banks?
When selecting a crypto friendly bank, you need to consider the following factors:
The future of retail banking and cryptocurrency
A decade ago, the idea of dedicated crypto banks looked unrealistic, but not now. Going ahead, we will see more and more crypto-friendly banks emerging to benefit from the rising popularity of cryptocurrencies.
Several traditional banks have already embraced crypto. Standard Chartered, for example, was the first big bank to offer Bitcoin and Ethereum spot trading. Many other major U.S. banks, such as the Bank of America and Ally Bank, now also support cryptocurrencies.
It wouldn’t be wrong to suggest that the gap between decentralized finance (DeFi) and traditional finance could fade away soon as banks explore tokenized assets and develop direct staking services. Additionally, we may also see financial authorities come up with global regulations to refine how banks handle crypto funds.
Conclusion
The number of crypto friendly banks continues to grow as digital assets gain wider acceptance and recognition. A growing number of crypto banks, in turn, have a significant impact on the financial landscape, connecting the digital ecosystem with traditional banking.
However, the growing number of crypto banks also means that you need to be careful when selecting the best crypto-friendly bank for yourself. It’s crucial that you consider your financial needs, charges, security features, and other features when selecting the right bank.
