With a projected growth rate (CAGR) of 8.62% between 2024 and 2028, the crypto market could be worth over $71 billion in the next four years. The crypto banking space plays a vital role in making this possible – thanks to its goal of increasing blockchain adoption with crypto-friendly banks.
Due to the continuous interest in integrating cryptocurrencies into traditional banking, many companies have created Bitcoin-friendly banks. Others have also developed crypto banking software to meet the demands.
Now, let’s walk you through the best crypto-friendly banks to consider, whether you’re a crypto investor or a business trying to integrate a crypto solution into your platform.
What Are Crypto-Friendly Banks?
Before revealing the best banks supporting cryptocurrency transactions, understanding how they operate and what makes them special is crucial.
Simply put, a crypto-friendly bank is a financial institution that offers traditional banking services and cryptocurrency services on the side. Typically, such banks can process both fiat currencies and crypto transactions in a secure and safe way.
That means users can deposit, withdraw, and save their physical or virtual currencies of choice on such platforms without worry or hassles. Some even let you trade cryptocurrencies directly.
However, not all banks build their crypto-friendly solutions themselves. Usually, banks and financial institutions leverage the application programming interface (API) from third-party developers to build a Bitcoin-friendly financial system.
These Web3 companies offer various cryptocurrency solutions to businesses, including cryptocurrency wallets, exchanges, crypto debit cards, and Bitcoin payment gateways. So, both banking entities and blockchain solutions providers combine to make up crypto-friendly banks.
Top Crypto-Friendly Banks 2024
Now, let’s get into the practical review of the best 10 banks that support crypto transactions and notable solutions providers that support them. These companies have been well-analyzed and handpicked to help you make smart choices.
Zypto
Zypto is a leading Web3 and blockchain technology solutions provider supporting various banks and businesses that want to adopt cryptocurrencies as payment methods. So, while it’s not necessarily a bank, Zypto supports various financial institutions accepting cryptocurrency.
The platform offers various products and services, including physical and virtual crypto cards, DeFi and CeFi cryptocurrency wallets, an efficient cryptocurrency payment gateway, white-labeling solutions, and mobile and web development for cryptocurrency-focused businesses.
The available products support cryptocurrencies and fiat currencies. So, users can execute transactions using Bitcoin and local currencies, such as USD and EUR.
The various solutions make Zypto a top choice for traditional banks and other financial institutions that want to infuse Bitcoin-related features into their business without having to build from scratch.
Additionally, the platform stands out with its native Zypto token, which facilitates transactions, rewards holders, and offers discounts on every Zypto product.
Revolut
Revolut is a reputable fintech company headquartered in the UK, but it offers services to clients globally. The platform offers similar features as a traditional bank account, making it possible for users to deposit and withdraw funds, pay online bills, budget, and organize finances.
However, Revolut’s standout feature for cryptocurrency enthusiasts is its support for cryptocurrency trading and investing. You’ll find 80+ digital assets, including Bitcoin, Ethereum, Polygon, Solana, and a decent number of upcoming coins.
The Revolut app boasts a user-friendly interface that makes it seamless for users across different experience levels. So, you can buy, sell, hold, and invest in diverse cryptocurrencies in one place.
If you’re converting from crypto to fiat or vice versa, the platform offers competitive exchange rates and instant swaps. You can also manage and store your digital assets using the Revolut crypto wallet, making the app ideal for storing both crypto and traditional money.
Wirex
Wirex is another digital payment platform that supports cryptocurrency payments and transactions. Though it can’t be practically called a bank, it falls within the crypto-friendly banking space due to its support for both fiat and cryptocurrencies.
You can buy, sell, deposit, and withdraw up to 250 digital assets on Wirex and spend Bitcoin or other assets using the Wirex Mastercard debit card. The card offers free ATM withdrawals.
It can also perform instant transactions across multiple networks due to its effective cross-chain bridges for stablecoins and cryptocurrency tokens.
Another reason crypto enthusiasts choose Wirex is its crypto cashback offer. The platform rewards users with up to 8% cryptoback every time they use the crypto card for online payments. Moreover, the platform has other earning opportunities, including crypto staking.
When you lock up the Wirex Token (WXT), you can earn up to 360% APR on your investment. You can also access various decentralized finance (DeFi) opportunities, including crypto borrowing and lending with no credit checks required.
Juno
Juno is a well-known crypto-friendly banking platform for individuals and businesses leveraging cryptocurrencies for payments. The platform describes itself as a go-to app for cash and crypto, making it a suitable option for both traditional and blockchain banking.
On Juno, crypto users can create a personal account tailored to their needs alongside their conventional bank accounts. That way, they can perform various activities, including instant crypto trading, savings, and investments.
With its support for 20 different chains, including Bitcoin, Ethereum, and Solana, Juno offers fast crypto deposits and withdrawals. Additionally, customers can access various DeFi opportunities, including crypto loans, staking their assets for passive income, and earning periodic rewards.
As a complete bank alternative, Juno also makes it possible to automate your bill payments. So, you can pay your rent, credit card bills, and utility directly on your phone. You can also use the pay at physical stores using the Juno mobile app or debit card.
Monzo
Monzo Bank Limited is a British online bank located in London, England. It was one of the first entrants in the UK digital banking space, making it a reliable option for users.
Its openness to Bitcoin and cryptocurrencies also makes it stand out from competitors. However, it’s important to note that Monzo doesn’t support direct cryptocurrency trading on its platform.
Instead, customers can integrate their Monzo bank accounts and cryptocurrency exchange accounts. For instance, you can use your Monzo card on supported crypto exchanges and monitor your crypto and regular bank transactions in one place.
The platform also supports direct deposits and withdrawals from connected crypto exchanges, making transactions more seamless for users with its convenient fund management.
However, one significant downside to the Monzo app and card is its limitation to only UK customers. If you reside in the US or any other country, we recommend opting for a globally accessible alternative.
Mercury
Mercury is a fintech company offering banking services to millions of customers globally. The platform supports crypto and traditional banking with various solutions However, what stands out to crypto enthusiasts is its Web3 solution developed for crypto-focused companies.
Businesses can leverage these solutions to integrate crypto into their payment offerings, making fiat and crypto transactions seamless. There are also physical and virtual cards with customizable limits and other features.
Moreover, as an individual, Mercury offers crypto trading opportunities. You can buy Bitcoin or other digital assets through your Mercury account. However, the platform doesn’t offer crypto storage services, so you need to leverage exchanges and external cryptocurrency wallets.
The company’s $5 million insurance with the Federal Deposit Insurance Corporation (FDIC) also makes Mercury a reliable platform for individuals and businesses, as they are guaranteed high funds safety.
JPMorgan Chase
JPMorgan Chase needs no introduction in America and the world at large. The global financial institution has been around for over two decades, offering various traditional banking and investment services to millions of global users.
More recently, JPMorgan Chase added crypto services to its offerings, facilitating cross-border crypto payments among its clients using the JPM Coin.
It also offers crypto-friendly services to some exchanges and digital assets investment platforms. However, its primary focus with these institutions is on compliance and risk management.
Individuals can also leverage a Chase Bank account for crypto purchases. You can buy cryptocurrencies like Bitcoin, Ethereum, Solana, and other top assets through the bank. However, it’s important to note that JPMorgan Chase doesn’t support direct Bitcoin payments.
Your account may be blocked if you initiate crypto payments from your Chase account. Instead, you should transfer your assets to a self-custodial wallet for direct crypto payments and spending.
Goldman Sachs
Goldman Sachs is another global financial institution with a prominent presence in the digital banking space. The European investment bank offers crypto options trading to customers.
You can buy and sell cash-settled Bitcoin and Ether options. There are also CME-listed Bitcoin and Ether futures.
So, as an experienced trader, you can explore the derivatives market, with options and futures trading possibilities on the Goldman Sachs crypto trading desk. However, it’s crucial to note that the bank doesn’t trade the underlying crypto assets directly.
The recent spot Bitcoin and ETH exchange-traded fund (ETF) approval has awakened more institutional investments. So, the majority of Goldman Sachs cryptocurrency traders are mostly hedge-fund clients.
If you’re a retail investor looking for a crypto-friendly bank, you may consider more beginner-friendly options.
Cash App
Cash App entered the market as a peer-to-peer payment platform, but it has now become a comprehensive platform for various financial services.
Though Cash App is more of a payment platform, it can be considered one of the leading crypto-friendly banks because it supports Bitcoin.
You can buy BTC directly on the platform and also venture into the traditional payments market to facilitate various online transactions. You can also use the Cash App debit card and mobile app for instant crypto payments at supported merchants and stores.
Businesses can also integrate crypto payments and get paid in Bitcoin using the payment app. It also has a built-in exchange where you can sell your BTC for cash within the app.
However, unlike other Bitcoin-friendly banks on our list, Cash App supports only Bitcoin. The limitation is a significant downside for crypto users with diversified portfolios.
Citi
Last on our list of the best crypto-friendly banks is Citi. The American banking giant offers various traditional banking services, including lending and borrowing, investing, and wealth management.
You’ll also find various products, such as credit cards, mortgages, and checking solutions. However, the bank recently launched its token services that allow tokenized deposits and smart contracts, making cash management easier for its institutional clients interested in using blockchain technology.
These include investments in stocks and crypto ETFs and being able to purchase Bitcoin and other cryptocurrencies on supported exchanges through their Citi bank accounts.
How to Pick a Bitcoin-Friendly Bank For Your Needs
All the crypto-friendly banks in this list are suitable for retail and institutional investors. However, considering their peculiarities, here are a few tips on choosing the right option for you.
- Check if the provider offers services in your location. For instance, platforms like Cash App and Monzo are available only in the US and the UK, respectively. So, trying to use them from other locations is impossible.
- Consider your trading and investing needs. If you’re a retail investor, choose a digital banking platform that supports your needs. Conversely, institutional investors can opt for established banks like JPMorgan Chase and Goldman Sachs.
- Examine the supported crypto assets and fiat currencies to determine how many currencies they offer and if they have those you’d like to trade or invest in.
- Consider the fees and other charges for all their offerings. Some platforms charge no monthly fees, while others have a cost for various services. Compare them and choose affordable options.
- Check their security and regulatory compliance to know how they safeguard your funds and adhere to the financial regulations in your country and local jurisdiction.
Conclusion
No more bank issues when trading crypto. Now, you can use crypto-friendly banks that make it easy to buy, sell, and spend crypto and fiat currencies in one place. We’ve curated the 10 best options on the market, with Zypto leading the way with its innovative banking solutions.
With more banks expected to adopt crypto into their systems, you can explore these payment providers as you get ready for the future of money.
Zypto Provides Innovative Crypto Services for Everyone
Are you looking to integrate cryptocurrency services into your business or get paid in crypto? You can leverage affordable white-label solutions from Zypto to launch such services without having to build from scratch.
These include crypto payment gateways, virtual and physical crypto cards, DeFi and CeFi wallets, and custom Web3 developments that support thousands of cryptos and local currencies. Contact us to learn how Zypto can help you save time when building your next Web3 project.
As a crypto trader or investor, which bank does it for you among the options on our list, and why? Let’s have your thoughts below.
What bank is crypto-friendly?
Banks known to be crypto-friendly include Silvergate Bank, Signature Bank, and BankProv. These banks offer services tailored to cryptocurrency businesses and investors.
Are Swiss banks crypto-friendly?
Yes, many Swiss banks are crypto-friendly. Notable examples include SEBA Bank and Sygnum Bank, which provide a range of services related to digital assets and cryptocurrencies.
Which bank holds Bitcoin?
Banks like Silvergate Bank, Signature Bank, and some Swiss banks like SEBA Bank and Sygnum Bank offer custody and storage solutions for Bitcoin and other cryptocurrencies.
Is Barclays crypto friendly?
Barclays has been cautious about cryptocurrencies and does not offer direct services for holding or trading crypto.
They have, however, engaged with blockchain technology and partnered with firms in the crypto space for certain projects.
Great to see some Crypto friendly banks who are leading the way, and I love the Zypto brings that functionality all together.