Crypto is already widely used as a currency in the digital asset world, with cryptocurrency adoption reaching over 300 million people. However, many traditional banks, aware of the increasing risks posed by fraudsters, aren’t exactly warming up to crypto assets. Although banks are wary about cryptocurrencies, some have opened their doors to clients who utilize this new digital currency. Crypto-friendly banks in the world today accept cryptocurrency as a medium of monetary trade and allow access to lower transaction fees.
These banks now let you use credit and debit cards that they issue for free to buy and sell crypto, complete wire transfers to cryptocurrency exchanges and similar entities, and cash out funds from cryptocurrency investments. They integrate cryptocurrencies and traditional bank operations simultaneously.
As a crypto investor or user, getting a crypto-friendly bank is not as hard as it used to be, and it will be even easier in the future. If you’ve had your eyes peeled for the best crypto-friendly banks out there, you need not search anymore. We’ve compiled the top 8 crypto-friendly banks you need to know about before picking one to use for your crypto deposits, trading, withdrawals, and more. Let’s dive in!
One of the best crypto-friendly banks operating in the United States is BankProv. BankProv is specifically aimed at businesses involved in digital currency services. It offers everything from exchange services to other crypto-related investments you need to support your growth in the digital currency space.
BankProv also offers flexible account options that let you transact in both USD and cryptocurrency. The bank provides a range of cash management services and crypto-backed lending alternatives. Businesses may obtain crypto-based loans to finance their operations.
BankProv is a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures each depositor up to $250,000, and the DIF ensures the rest. While the bank is great, one of its major drawbacks is that you can only use crypto services if you have a business.