More and more traditional financial institutions are beginning to adopt blockchain technology and digital currencies as part of their standard services and broadening the scope of their offerings to incorporate these assets.
In this section, we will examine what some of the top crypto-friendly banks have in store for their customers, as well as how this cutting-edge technology has transformed the way these financial institutions function.
We highlighted traditional banks with decades of expertise as well as emerging fintech businesses with a whole different perspective on how finance should work.
David Smith
Tech geek, crypto, DeFi enthusiast
It is not surprising to see financial organizations such as banks broadening their service offerings in light of the fact that cryptocurrencies and blockchain technology are altering the way in which we conduct transactions by providing decentralized platforms, privacy, and reduced transaction fees.
As the cryptocurrency sector continues to flourish, more and more traditional financial institutions are beginning to adopt blockchain technology and digital currencies as part of their standard services and broadening the scope of their offerings to incorporate these assets.
In this section, we will examine what some of the top crypto-friendly banks have in store for their customers, as well as how this cutting-edge technology has transformed the way these financial institutions function.
Monzo is headquartered in the UK and was founded in 2015. It has since marketed itself as the ‘online-only’ choice for bankers. Indeed, as a Monzo customer, you can access a range of cryptocurrency exchanges to buy crypto. Web 3.0 accessibility is paramount to the platform’s roadmap.
Moreover, despite the current crypto bear market and the associated problems, Monzo’s co-founder, Jonas Templestein, ensured that their outlook on the crypto market remains unchanged.
The platform itself is great for budgeting and offers some best-in-class interest rates. However, there are some notable downsides. For example, there’s no desktop app; it’s mobile only.
Moreover, there’s a flat fee of 1.00GBP for every deposit into your account, and they are subject to AML regulations, which means that they may look to block suspicious transactions.
Nuri has traditionally been one of the greatest crypto banks for the European market since it combines the benefits of traditional banking with access to a German IBAN and a Visa debit card that can be used practically anywhere.
You get a Bitcoin address with your account that you can use to transmit BTC to anyone, including your hardware wallet, unlike certain banking services, which take a more hands-on approach with your crypto and limit what you can do with it. Before you may transfer funds from your account, most banks ask you to exchange them for fiat money.
If you have Bitcoin, Nuri’s Bitcoin Interest Account may be a great solution for you. The bank has collaborated with the Celsius Network, and in order to generate a 5% interest rate, it invests in crypto lending and credit markets. Weekly interest payments are made.
You may use Revolut’s mobile app to access over 50 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT), Solana (SOL), and many more. The company intends to add more cryptocurrencies to this list when it releases support for them.
What’s more crucial for bitcoin investors is that digital assets are kept cold with reputable custodians. As a result, there’s no need to be concerned that your private keys will be compromised by a malevolent party.
Aside from cryptocurrency, the organization provides commission-free stock trading and commodity trading.
Nubank is one of the largest digital banks in the world. Founded in 2013, the online bank has since grown rapidly specifically in the Latin-American markets, and has recently begun to offer the purchase of Bitcoin and Ether on its platform.
The company’s unique selling point is that it offers credit card functionality which is managed completely through the Nubank mobile app.
Indeed, the app allows users to track their transactions in real-time, block their respective credit cards, apply for limit raises, and connect with customer support.
With Nubank, there are almost no fees, instant money transfers, and business and personal accounts are completely free to set up.
Having said that, many users complain that there is a lack of support when it comes to business users, and while there are engineering offices in Europe, the bank is still very much focused on the South-American market.
Banks on our list differ greatly in their attitudes to cryptocurrency in the financial industry. We highlighted traditional banks with decades of expertise as well as emerging fintech businesses with a whole different perspective on how finance should work.
There are banks that facilitate transactions with bitcoin exchanges. Some banks will even prohibit you from using your credit card to register for an online exchange.
Indeed, some modern banks only function online and offer useful mobile apps that allow you to exchange numerous cryptocurrencies, open up crypto savings accounts, or sell them straight for fiat currency.
Because there are no standard methods to be counted among the finest crypto-friendly banks, our list is sure to be helpful for any type of cryptocurrency investor.
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Read More:Top 4 Banking Apps That Let You Manage Your Crypto | HackerNoon
