About a decade ago, not many would have heard about crypto or even Bitcoin. Now, this digital currency has emerged as one of the biggest asset classes globally. Initially, one major issue that limited the rapid growth of Bitcoin and crypto was the lack of friendly banks. But now, there are many Bitcoin friendly banks around the globe that help users realize the full potential of the cryptocurrencies.
What is a Bitcoin friendly bank?
Before we detail the top 10 Bitcoin friendly banks, it is important to understand what a Bitcoin friendly bank means. Just like businesses, every crypto needs banks to grow. Without any access to the fiat economy, it would have been impossible for Bitcoin to reach the height where it is today.
Coinbase has a bank account, as well as payment processors that help to accept Fiat payments. So, we can say that without an existing fiat infrastructure, crypto wouldn’t have taken off. Rather, it would have been limited to a few people sending BTC to each other.
Similarly, those in the crypto business need access to the fiat infrastructure, multi-currency accounts and other banking needs. A crypto-friendly bank attends to all such needs of the crypto participants.
Top 10 Bitcoin friendly banks
Now, let’s check out the top 10 Bitcoin friendly banks:
It is not really a traditional bank, rather a fintech company that offers banking services. Revolut, launched back in 2015, allows customers to exchange five major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Headquartered in London, this bank allows you to exchange these cryptocurrencies with fiat currencies.
Additionally, it does not charge any hidden fees and the transactions execute very quickly. In just a few seconds, you can transfer supported cryptocurrencies to other Revolut users and that too without incurring any extra charges.
It is not a traditional bank as well, but it allows its customers to buy, spend, store and exchange cryptocurrencies for fiat currencies. Also, it supports all major cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. One best feature of this bank is that it issues a VISA payment card, which allows customers to withdraw their cryptocurrencies in fiat currency, something similar to an ATM. Customers can also use it to pay for purchases.
- Simple Bank
It is a U.S. bank that collaborates with most bitcoin exchanges, as well as allows customers to make a direct buy-sell transaction. Simple Bank is striving to come up with a global cryptocurrency network. It supports popular cryptos including Bitcoin, Ripple, Ethereum, Litecoin and many others.
Simple Bank does not have any transaction limit on the number of cryptocurrency transactions. Further, the banking platform features an InstantSend Technology, which quickly processes transactions by automating the process.
It is a German-based digital bank that allows users to invest and trade cryptocurrencies. This bank shares a good relationship with Kraken, enabling seamless transfers between the two platforms. It means you can use your Fidor bank account to buy cryptocurrencies on Kraken. Also, one could easily convert their crypto holdings on Kraken into fiat currencies, and deposit them into their Fidor bank account.
- Ally Bank
It is an online-only bank and is accessible only to U.S. residents. The bank, founded by GMAC, has been operating since 2009. It is a go-to option for those who want traditional banking services along with an option to make crypto transactions. Ally Bank is integrated with Coinbase, and this makes it a crypto-friendly bank.
This bank also has a partnership with Coinbase, allowing account holders to access their wallet on the go. USAA even invested in Coinbase’s Series C round of funding, making them the first U.S. bank to invest in a cryptocurrency exchange. Its services are available only to U.S customers.
- Change Bank
Founded in 2016, it is also a digital bank that allows you to invest in cryptocurrencies at a very low cost. It supports Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash and Dash. Potential customers can create an account online. It also issues a VISA debit card to let customers withdraw money without any fees. This bank serves only European residents.
- LHV Bank
It is an Estonia-based bank that has its own in-house crypto teams. They have a partnership with Coinbase, which allows their account holders to easily make Bitcoin purchases. Last year, they came up with a new application for their customers, named Cuber Wallet. This digital payment app offers full fiat and cryptocurrency support.
It is a European bank that is working to bridge the differences between the traditional banking system and blockchain technology. They plan to do it with their integration with SpectroCoin and blockchain-based loans that are crypto-backed. They also offer exchange services for their customers.
This popular investment bank recently applied for two patents in the U.S. related to cryptocurrency operations. They also have a partnership with Coinbase, allowing their customers to create an account with Coinbase and easily buy and sell cryptocurrencies.