Banks worldwide are finding ways to transmit money from one account to another easily. Cryptocurrency is the answer. Although some banks are unwilling and do not support how cryptocurrency works, some banks accept this kind of innovation. These banks are the so-called “Crypto Friendly Banks,” who can embrace the new way of transferring funds local and international, trading and online business, purchasing and selling cryptocurrencies using coin base. This article tackles what banks support cryptocurrency and the banks that are disinclined on cryptocurrency and their rationales.
The Banks That Support Cryptocurrency
Traditional banks can no longer ignore the opportunity of this transition in banking. Cryptocurrency is regarded as the future of money. The advantages of cryptocurrency, such as outperforming traditional banking in terms of bureaucracy, transparency, and efficiency, are opted the other bank to grab this opportunity. To answer the query of what banks support cryptocurrency. Here is the list.
Chime Bank – USA
Chris Britt and Ryan King founded Chime Bank in the year 2013. This bank doesn’t have physical branches in the US or even in the world but provides help with your financial needs the same way the physical bank can give.
However, they only allow crypto transactions using a platform called Paxful or use their system to exchange and transfer payments to other bank accounts using username, phone number, or E-mail.
Wirex – United Kingdom
Wirex is a London based company that was founded in 2014. Wirex is a crypto-friendly company. They provide debit and credit cards that enable the users to use them in digital-based payments, open business accounts, and transfer digital or traditional currencies.
Ally – USA
Another bank that supports cryptocurrency, consumers can purchase and sell using cryptocurrency. It was founded in the year 2010, and because they have been in the industry of online banking for many years, they always perform on top and assure the users good banking experiences.
One downside of Ally Bank is you will pay fees when buying crypto with your cards. However, many consumers who purchased coins and do transactions successfully give positive reviews.
Fidor Bank – Germany
The bank that pioneered traditional financial services and technology business as a banking part was established in 2009. They owned the fidorOS, a digital platform designed for the next generation of banking.
Change – Estonia
Change provides an altcoin spending card or a wallet that will store your altcoins. They offer trading or a marketplace to help the consumer invest their money.
USAA or United Services Automobile Association is the first major bank invested in Coinbase and engaging cryptocurrency exchange. This bank enables consumers to purchase, sell, trade, and invest in cryptocurrency. The USAA has an app that allows the user to check their bitcoin balances.
Goldman Sachs – USA
Goldman Sachs is a well-known bank supporting cryptocurrency and developing the crypto trading desk. May 15, 2018, Golden Sachs made know the tokenized US dollar coins or the so-called “Circle,” which enables the users to use USDC fiat tokens to pay and trade.
Revolut – United Kingdom
Revolut is a company based in London. They have a platform that supports cryptocurrency in their banking system, allowing their clients to deal with more comfortable and faster business transactions. This bank’s downside is that the transactions are exclusive only to their million users. However, they are trying to improve their services for the future.
Simple Bank – USA
This bank is exclusive to the people who live in the US. It will only allow transactions using cryptocurrency within the USA only. People have surety with this bank because the Federal Deposit Insurance Corporation insures their funds.
Barclays is not just an investment bank accessible in the UK but also across the globe. They support cryptocurrency because of its faster transaction and less hassle. Barclay’s collaboration with Coinbase allows their clients’ digital transactions easier.
What banks support cryptocurrency? The abovementioned banks are so-called Crypto-Friendly Banks or cryptocurrency-friendly banks that support cryptocurrency. These banks accept bitcoin transactions and offer crypto services allowing people to transact using cryptocurrencies for faster and fewer hassle transactions.
Banks Who Do Not Support Cryptocurrency Exchange
What banks support cryptocurrency? Is it the traditional bank? While other financial institutions embrace innovation in terms of cryptocurrency banking, others prefer to stay traditionally for the security and safety of consumers’ money also for their benefits.
First, they do not support it because they avoid the risk of fraud and money laundering. Sending wires across the globe to hide their origin is one form of money laundering. In this way, the authorities have no ways to check that deposited money is clean or free from fraud. These illegal activities are possible and happening in cryptocurrency banking. That is why traditional banks do not support cryptocurrencies.
Another thing that some banks oppose cryptocurrency is because they will not make big profits in cryptocurrency. Banks profited from the depositor’s deposits. For example, if a depositor deposits a huge amount of money for a day or two, sending most of it to a bitcoin wallet the next day will leave the bank with a compliance cost without profiting from it.
Therefore, those banks opposing cryptocurrency banking, such as JP Morgan Chase, Bank of America, Nordea Bank, and others, restricted and banned their consumers from using their debit and credit cards to buy, selling, and trading using cryptocurrencies. Learn more about cryptocurrencies here!
Changes are constant. The innovation of cryptocurrency is one of those changes that financial institutions either love or hate. What banks support cryptocurrency? They are the banks that welcomes it with open arms and use it because they believe that their clients must go digital to have efficient, comfortable, and more transparent business transactions.
On the other hand, some banks didn’t accept this kind of change. They are those banks that do not want their consumers to be at risk of fraud. Whether some banks are dither to choose this new financial innovation, it is evident that the world is going digital.