Top 3 Crypto-Friendly Banks in 2024

Introduction

With the surge in demand for cryptocurrency-related financial services, finding dependable banks or fintech companies that support digital assets can be challenging. This article highlights the top 3 crypto-friendly banks perfect for crypto enthusiasts and businesses alike.

What are Crypto-Friendly Banks?

Crypto-friendly banks are financial institutions that facilitate and accommodate cryptocurrency transactions. While commonly called “crypto-friendly banks,” these entities are often fintech platforms rather than traditional banks. They allow users to manage cryptocurrencies for various financial activities like purchasing goods, saving, taking out loans, and investing, much like regular fiat currency.

These platforms offer specialized products and services that enable customers to handle both their digital and traditional funds within a unified banking experience. Users can access their regular funds (like USD) and crypto assets from a single account, simplifying financial management. It’s important to note that these crypto-friendly platforms differ from conventional, licensed banks, even if they offer similar services.

Crypto Banking vs. Crypto-Friendly Banking

Though often used interchangeably, “crypto banking” and “crypto-friendly banking” refer to different approaches.

Crypto Banking:

• • Dedicated to cryptocurrencies

• • Offers services like wallets, trading platforms, and loans

• • Focuses solely on the crypto realm
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Crypto-Friendly Banking:

• • Integrates traditional and digital financial services

• • Acts as a bridge between conventional finance and the crypto world

• • Provides comprehensive services beyond crypto transactions
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Challenges in Finding Crypto-Friendly Banks

Finding platforms supportive of cryptocurrencies has become more difficult, partly due to efforts like “Operation Choke Point 2.0.” This perceived initiative by the Biden administration and regulators aims to disconnect the cryptocurrency industry from the traditional banking system.

Banks serving cryptocurrency customers face closures despite legal justifications. The FDIC has instructed some banks to cease services to crypto-related businesses, creating instability. Consequently, some crypto firms are turning to overseas banks in Europe and the Caribbean, potentially shifting away from U.S. jurisdictions.

Best Crypto-Friendly Banks

1. Juno

Juno is a crypto-focused banking platform partnering with Synapse, Evolve Bank & Trust, and Zero Hash to offer a range of tailored fiat and crypto financial products for individuals. Juno combines the best of traditional finance and digital assets into one comprehensive offering.

Pros:

 

• • Specialized crypto accounts with instant on-ramps and self-custody wallets

• • Personal account number and routing number for payments

• • Dual-use debit cards linked to fiat and crypto accounts

• • Treasury savings accounts for fiat and crypto
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Cons:

• • No crypto-backed loans

• • Limited availability outside specific regions

Juno’s comprehensive services and innovative crypto-centric solutions make it an excellent choice for a crypto-friendly banking experience.

2. BankProv

BankProv, formerly Provident Bank, is a U.S.-based financial institution positioned as a leader in crypto-friendly banking. Established in 1839, it is one of the oldest banks in the U.S.

Pros:

 

• • Flexibility to convert cryptocurrencies to fiat for convenient spending

• • Trusted reputation in traditional banking, providing stability and compliance

• • Tailored services for cryptocurrency businesses and asset management firms
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Cons:

 

• • No longer offers crypto-backed loans

• • Restricted to the U.S. only

• • Primarily focused on businesses

BankProv’s expertise in catering to the unique needs of the crypto industry makes it a great choice for businesses seeking crypto-supportive banking platforms.

3. Revolut

Revolut is a UK-based fintech company offering cryptocurrency trading within its mobile app. With support for over 30 cryptocurrencies, Revolut simplifies buying, selling, and holding digital assets for new and experienced users. The platform provides competitive exchange rates and allows users to exchange between different fiat and digital currencies.

Pros:

 

• • User-friendly interface for easy crypto transactions

• • Supports multiple cryptocurrencies

• • Competitive fiat-to-crypto exchange rates

• • Allows spending crypto with a card, converting payments to fiat currency

Cons:

• • Higher fees for crypto services compared to regular wallets

• • No crypto-backed loans

• • Stopped crypto services for U.S. customers

Revolut’s user-friendly interface, diverse cryptocurrency support, and competitive exchange rates make it an attractive option for crypto-friendly banking.

Conclusion

The landscape of crypto-friendly banking is continually evolving. Juno, BankProv, and Revolut lead the way in offering compelling products and services for individuals and businesses. Explore these crypto-friendly banks’ unique features and benefits to find the best fit for managing your digital assets.