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When cryptocurrency first made its appearance, there was a lot of resistance around it. Financial institutions have approached cryptocurrency with caution and regulation, and regulation is the main roadblocks to their integration. Most banks did not want to be associated with cryptocurrency. However, with its strength, coupled with the evolution of money, many banks have joined in the cryptocurrency industry. Some banks are still very skeptical about integrating cryptocurrency. However, with the intensified cryptocurrency curiosity, crypto-friendly banking alternatives are also increasing. The world’s biggest banks aren’t immune to the wave of cryptocurrency, and several projects are underway to explore how traditional financial institutions can benefit from this innovation.
There are several obstacles between banks and cryptocurrency. They include lack of trust, lack of understanding of the technology, and a lack of respect for cryptocurrency users and investors.
Some crypto-friendly banks:
- Simple bank
This financial institution, based in Oregon, USA, has been dealing in different exchanges and cryptocurrency for quite some time now. It is one of the few banks whose deposits are all insured by Federal Deposits Insurance Corporation. The insurance factor makes it favorable among highly cautious traders.
The bank allows its customers to make cryptocurrency purchases using its account and also send funds to and from crypto exchange platforms.
NB: You cannot use this bank unless you are a US resident.
- Goldman Sachs
Goldman Sachs has been at the forefront in adopting the cryptocurrency and providing a trading desk for their customers. This service makes them the first financial institution on wall street to provide its users with a cryptocurrency trading platform
- Ally Bank
This bank is an online-only bank that does not have any branches and works round the clock. This feature is advisable for users who want to get involved with cryptos. Being integrated with Coinbase, it allows users to buy coins using the cards.
However, be aware that they charge a small fee when users purchase cryptocurrency using their cards.
This bank serves military members and their families and, just like Ally bank, is integrated with Coinbase making it possible for their users to purchase cryptocurrency using their cards.
They also boast of being the first bank to invest in the crypto exchange.
With a USAA bank account, users can track their Bitcoin wallet on Coinbase and connect USAA with Coinbase, to check their balance and monitor their transactions.
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- Maerki Baumann
This private bank in Zurich Switzerland decided to join other banks in Switzerland by choosing to work with assets involving cryptocurrency.
This move came like a breath of fresh air for the many private companies that deal with cryptocurrency.
- Fidor Bank
This German bank is based in Munich and also provides an online model for its users. The bank has a close relationship with the German Bitcoin Exchange, allowing its users to buy bitcoins through the bank directly.
The bank has been supporting startups by helping fund their projects and activities.
The bank is a mobile bank based in France, which is working to bridge the gap between crypto users and banks. This effort has proved to be of great help to freelancers and startups. The bank boasts of its almost instant KYC(Know-Your-Customer) and has been working on extending its crypto wallets, insurance, and other services.
LHV is a well-established bank in Estonia, whose partnership with Coinfloor has put them at the forefront of adopting blockchain technology, which has led to the integration of bitcoin.
They have further integrated a new app known as Cuber Wallet, which lets its customers send and receive digital euros.
Barclays Bank is one of the largest investment banks in the UK, with over 300 branches all over the world. They recently applied for two patents with the USA to enable their customers to carry out their transactions using digital currency.
They also partnered with Coinbase to facilitate its transactions.
This bank is based in London and has gone a step further to provide its customers with a wallet that allows them purchases and sales involving cryptocurrency. The Financial Conducts Authority regulates its activities and gives its customers access to several features such as providing a cryptocurrency trading platform, allowing them to make in-store purchases, and carry out various conversions.
Customers with accounts in this bank enjoy several services, such as adding funds to their debit card, an instant exchange between cryptocurrency and traditional currencies at current rates, and a link to their Wirex Visa payment cards allowing them to convert and spend their money online among other services.
This UK based bank digital bank has seen its value triple up to $500 million. Since 2017, the Revolut app allows its users to carry out transactions using several cryptocurrencies, including Bitcoin, Ether, Litecoin, and XRP. The bank recently got a banking license in Lithuania. The bank’s value has been increasing exponentially, and its user base also increases by up to 150%. Other than it’s stock trading and cryptocurrency features, the bank is now seeking a UK banking license.
This German-based start-up is one of the oldest crypto banks in the world. This bank was one of the first to provide its users with prepaid Bitcoin cards and allow its users bitcoin-to-bank transactions in euros. Since the boom of the crypto in 2017, the bank underwent several changes and has since become a regulated financial institution
This mobile bank startup based in Lithuania welcomes cryptocurrency users. It provides bank accounts for both individuals who seek traditional banking services and cryptocurrency-related startups.
The company is publicly open for cryptocurrency users meaning that customers can make transfers to and from their exchanges.
- The National Bank of Canada
The National Bank of Canada is one of the few banks in Canada, which has a close relationship with the crypto market, allowing its users to buy bitcoins using their cards.
Transactions are, however, heavily monitored, and the system highly regulated.
The banks listed above aren’t the only crypto-friendly banks in the world. So many more banks are looking into adopting the cryptocurrency. Several startup companies allow their customers to open accounts with them and carry out various transactions involving cryptocurrency.
Some countries are resistant to the idea of crypto-friendly banks. The bottom line is, crypto-friendly banks aren’t the enemy. Instead, they are the bridge between traditional banking systems and modern Bitcoin options.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com