Crypto banking is evolving very fast. The present-day CAGR of crypto banking is over 58%, which translates into a $19+ billion market by 2027. According to our team’s market report of crypto banking landscape and trends, the increasing adoption of blockchain in banking is the major driver of this process.
Due to this rising interest in crypto integration in traditional financial operations, many businesses have started thinking about their own crypto banking software. Definitely, this business idea holds much promise for Web3-focused companies and allows greater flexibility and versatility of financial service coverage to its adopters.
So, if you’re considering this idea seriously, let me walk you through the list of top crypto-friendly banks with which you can partner to create a robust financial ecosystem. To offer only the cream of the crop for your consideration, I have focused on the following parameters in this rating:
- The bank’s reputation in respective markets.
- Broad coverage of crypto services.
- Availability of custody, lending, and staking options for users.
- Licensing and affiliation of banks.
- Regulatory compliance and safety.
Otherwise, you can work with 4IRE, which can become your dedicated crypto wallet development company, to create your own crypto banking solution and cater to the needs of your digital-savvy customers.
What Is a Crypto-Friendly Bank?
The question “what is crypto bank?” worries many people regardless of their relationship to the professional banking industry. Let’s first clarify the terminology to ensure we’re on the same page. I would define a crypto bank as a banking institution that offers conventional financial services alongside innovative cryptocurrency services. This way, a cryptocurrency bank should be able to deal with fiat currencies and crypto assets and guarantee safe custody, deposits, withdrawals, and trading features.
The main difference between traditional banks and crypto-friendly banks is the mode of payment processing. While regular banks use the SWIFT system for international transfers – which is costly and slow – crypto-friendly financial institutions conduct transactions using blockchain. That’s why they attain higher speed and affordability of money transfers, with users enjoying transparency and low fees.
When talking about a crypto-friendly bank, we don’t necessarily mean a Bitcoin bank. There are several types of banks under the umbrella term ‘crypto-friendly.’ They can be:
- Traditional banks with a crypto license, which can provide services with fiat and crypto assets.
- Crypto-native banks with the full spectrum of cryptocurrency services.
- Digital banks with a crypto license – online-only financial providers supporting some sort of crypto features.
- FinTech and digital asset platforms allowing seamless cross-platform transactions with a variety of digital assets.
- FinTech superapps – next-gen digital ecosystems that offer integrated financial service coverage across multiple providers.
Top Crypto-Friendly Banks 2024
What banks accept cryptocurrency? Let’s get to the practical part of my review and cover the top 13 crypto-friendly banks you can consider for your business. I have gone the extra mile to analyze the market landscape, and all these banks are hand-picked, tried and tested, and highly recommended for crypto-related financial businesses.
1. Revolut
Revolut is the best-known FinTech operator headquartered in the UK. The company enables fiat currency storage, exchanges, and transfers, as well as crypto trading on the embedded crypto exchange in 30+ cryptocurrencies. It also offers a variety of cryptocurrency vaults for passive income from stored assets.
Geographical coverage: USA, EEA, Australia, Singapore, Japan, Switzerland, and the UK.
Services: currency conversion, money transactions, withdrawals, cryptocurrency purchases, trading.
Number of users: 30+ million registered users
Supported cryptocurrencies: USDT, BTC, and 30+ other cryptocurrencies.
Benefits:
- User-friendly interface and operations.
- Multi-currency support in fiat and crypto.
- An integrated, secure crypto exchange.
- Personal and business debit cards available.
- Financial platform for minors.
- Travel bonuses, service and product payments within the Revolut ecosystem.
- Notifications, price alerts, and auto exchanges.
2. Juno
Juno is a digital banking platform with crypto-friendly features, providing services to individuals and businesses. Customers can open a separate crypto account, apply for a crypto-backed loan, store their savings, stake their crypto for generous yields, and conduct trading activities. A bonus feature is a debit card linked to user accounts in fiat and crypto, allowing flexible payments for products and services with any currency.
Geographical coverage: Global
Services: bank accounts, crypto accounts, staking options, money transfer, exchange, trading, and lending and borrowing features.
Number of users: 300,000+ customers in the USA
Supported cryptocurrencies: BTC, ETH, SOL, LTC, Polygon, and more.
Benefits:
- A Smart Treasury feature for users holding their savings in crypto stablecoins.
- AI/ML usage for service hyper-personalization.
- A wide variety of financial services and asset management functions.
- A large ecosystem of partnerships with other blockchain and FinTech companies.
3. Wirex
Technically, Wirex can’t be called a Bitcoin bank or a digital bank. Yet, its place in the crypto-friendly banking niche is pronounced. The company supports both fiat and crypto currencies that users can deposit or buy to their Wirex accounts and use for payments via Mastercard-supported debit cards.
Geographical coverage: Global
Services: Transactions with cryptocurrencies, Wirex debit card, ATM withdrawals, currency exchange.
Number of users: 5+ million users in 130+ countries
Supported cryptocurrencies: 250+ crypto assets
Benefits:
- The company has a native token, WXT, which can be used for DeFi operations.
- Free accounts with zero currency exchange fees on a Web3 platform.
- Secure debit card service and 8% cashback for card payments with WXT.
- Staking of cryptocurrencies with solid yields.
- Instant and safe cross-chain exchanges of crypto assets.
- Free money withdrawals across a broad network of partnering ATMs.
4. Bank Frick
Bank Frick is a Liechtenstein-based financial institution founded in 1998. In 2018, Bank Frick became the first European bank to give regulated access to crypto assets for professional market participants.
Geographical coverage: Europe
Services: full range of classic banking and blockchain banking services
Number of users: n/a
Supported cryptocurrencies: BTC, ETH, ETC, XRP, LTC, XLM, QTUM, XEM, and 10+ more assets.
Benefits:
- Blockchain banking services with full respect to European regulations and compliance standards.
- Secure custody of fiat and crypto assets.
- Crypto trading features.
- The 23/7 Pulse support service.
- Cryptocurrency staking services on PoS networks.
- Capital contribution and business accounts for blockchain companies.
5. Mercury
Mercury is one of the well-known US crypto-friendly banks, regulated by FDIC and providing full security of operations with digital assets to users. The minimal yearly cost of its services is $500, with no minimal account balance requirements.
Geographical coverage: USA
Services: crypto trading, custody, and payments for institutional players, lending services, sub-accounts with virtual IBANs, API connectivity, and crypto-to-fiat exchanges.
Number of users: 100,000+ customers.
Supported cryptocurrencies: USDT, USDC, DAI
Benefits:
- Security and regulatory compliance of all crypto operations.
- Crypto trading platform (available only for institutional bodies).
- Lending products for all customers.
- Robust crypto payment processing functionality.
- FDIC insurance coverage with a $250,000 cap.
- Crypto-fiat exchange and crypto OTC.
6. Ally Bank
Ally Bank is one of the key crypto-friendly banks in the American market. It doesn’t provide crypto trading features but has a partnership with Coinbase, allowing its users direct access to this secure crypto exchange.
Geographical coverage: USA
Services: crypto trading (via Coinbase), storage of crypto assets, crypto stock investments, BTC futures, access to crypto-based ETFs.
Number of users: 11+ million users.
Supported cryptocurrencies: 260+ cryptocurrencies.
Benefits:
- Highly rated as one of the best online banks and credit unions in the USA.
- Free access to 43,000+ ATMs.
- Security and stringent legal compliance are guaranteed with FDIC membership.
- Access to crypto trusts, ETFs, and stocks.
- Availability of BTC futures.
7. Bank Prov
Another US bank with crypto-friendly services, Bank Prov, is an innovation-focused banking institution with an offline and online presence. Though it’s a very old bank created in 1828, it is at the forefront of the digital revolution in banking. Entrepreneurs can open business accounts in the bank’s physical offices in Massachusetts and New Hampshire, while individuals can enjoy the flexibility of digital banking offered by the company.
Geographical coverage: USA
Services: P2P transfers, ProvXchange network, API integrations for third parties, and BaaS services to other FinTech companies.
Number of users: n/a
Supported cryptocurrencies: n/a
Benefits:
- Efficient payments and reconciliation.
- Access to a wide range of cryptocurrencies available at Rocketplace.
- Modern Treasury service for safe crypto asset storage.
- Zero commissions for trading activities.
- Access to the bank’s crypto trading functionality as a BaaS solution.
8. Monzo
This bank was a pioneer in crypto-friendly service delivery in the UK. Though users can’t access crypto trading directly via Monzo, they can use their cards and bank accounts for operations on Coinbase.
Geographical coverage: UK
Services: spending and saving accounts, budgeting features, payment and subscription management, payment for crypto, and savings management.
Number of users: 7.5 million people
Supported cryptocurrencies: 250+ crypto assets traded on Coinbase
Benefits:
- Partnership with the FCA-licensed crypto exchange Coinbase.
- Secure crypto transactions of various kinds.
- User-friendly mobile app.
- Ability to buy crypto with Monzo cards.
- Convenient fund management across fiat and crypto assets.
9. JP Morgan Chase
JP Morgan Chase is one of the few crypto-friendly banks in the USA and the UK, offering a rising number of financial services in the crypto niche. It is one of the largest banks in the world that is also trying to embrace the emerging crypto banking industry. Its JPM Coin may be used for cross-border payments, and the bank gives access to top-tier digital asset firms to its customers.
Geographical coverage: USA and UK
Services: digital asset custody, access to crypto trading, lending, and transaction processing.
Number of users: 60+ million
Supported cryptocurrencies: SHIB, XRP, and many others.
Benefits:
- Top-quality research insights into the crypto market for customers.
- Strong commitment to compliance and risk management.
- The use of native JPM Coin for internal transactions.
- A solid reputation as the world’s leading bank.
10. AMINA Bank (SEBA Bank)
This Switzerland-based bank was one of the first European financial institutions to offer crypto-friendly features. Founded in 2018 and headquartered in Zug, it’s a European FinTech pioneer licensed by FINMA. The bank provided a wide range of vertically integrated services in line with the highest security standards. The Swiss government also selected it to test the integration of the national CBDC.
Geographical coverage: Europe
Services: crypto storage, trading, staking, and investments; crypto-backed loans; NFT custody services.
Number of users: n/a
Supported cryptocurrencies: BTC, ETH, and 15+ more assets.
Benefits:
- Wide range of crypto services.
- Ability to use crypto assets as collateral for secured loans.
- Secure NFT custody service that no other European bank provides.
- Strict adherence to EU regulations.
11. DBS Bank
This Singapore-based digital bank takes the lead among crypto-friendly banks in the region. As of 2023 data, DBS Bank was the largest cryptocurrency bank in Southeast Asia in terms of the size of assets it manages. The institution is a member of the Monetary Authority in Singapore (MAS) and the Association of Banks in Singapore (ABS), thus occupying a solid niche in the banking industry. It provides access to a crypto-fiat exchange, opens sub-accounts with virtual IBANs, and conducts digital asset custody.
Geographical coverage: Asia
Services: digital asset custody, trading, lending, tokenization, and asset management.
Number of users:
Supported cryptocurrencies: USDT, USDC, TUSD
Benefits:
- A trading platform available for institutional actors.
- Proper regard to security and regulatory compliance.
- Tokenization services.
- Crypto lending services.
- Cryptobank license.
- The bank provides its own custody for digital assets.
- Membership in authoritative banking associations.
12. Mizuho Bank
Mizuho Bank is part of the Mizuho Financial Group’s cluster of FinTech businesses based in Tokyo. It offers a full range of digital asset services. The bank uses third-party custody for the storage of users’ digital assets – Nomura Trust and Banking. It’s popular among Asian crypto hedge funds, asset managers, and institutional crypto investors.
Geographical coverage: Japan
Services: corporate finance, trade finance, custody services, and investment banking needs of individuals and businesses.
Number of users: 24 million users
Supported cryptocurrencies: USDT, USDC, GUSD
Benefits:
- Member of the Financial Services Agency (FSA) and the Federation of Bankers Associations of Japan (FBAJ).
- Tokenization, lending, and asset management services for holders of digital assets.
- Crypto trading is accessible only to institutional investors.
13. SBI Sumishin Net Bank
This Japanese bank is also headquartered in Tokyo; it emerged as a result of a partnership between SBI Holdings and Sumitomo Mitsui Banking Corporation. After the merger, SBI Sumishin Net Bank has become one of the most significant crypto banks in Asia. It is also FSA-regulated and also holds membership in the FBAJ. Users’ digital assets are securely stored in GMO Trust’s custody.
Geographical coverage: Japan
Services: tokenization, digital asset custody, trading features for institutional clients, and crypto lending services.
Number of users: 6+ million users
Supported cryptocurrencies: USDT, USDC, BUSD
Benefits:
- Tokenization services.
- Availability of crypto lending.
- Secure digital asset custody in line with Japanese regulations.
- A single user-friendly application for the full range of banking operations.
- Internet-only bank with end-to-end banking services.
Conclusion
Here you go with a list of crypto banks you may trust as an individual interested in crypto investments or a crypto-related startup. The number of crypto-friendly banks continues to grow as these assets get wider acceptance and recognition in global finance. Thus, I am deeply convinced that cryptocurrencies will soon enter mainstream banking as an equal option for financial transactions. It’s time to get ready for this future today by exploring crypto-friendly financial partners, and the 4IRE team is ready to help you at any stage of this process.
