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Cryptocurrency initially started within a small niche area and has come to dominate the global platform, becoming not only attentive to their seekers but also to professional and individual investors. And as the digital currency has become steadily sweeping all finance, old banks and financial houses have begun adapting themselves. Today, these institutions are crypto-friendly and offer cryptocurrency trading, wallet services, and even seamlessness with exchanges, to answer to the demands of users of digital assets.
The more an offering of cryptocurrencies booms, the more redrawing the money and banking futures will render. More persons and companies will look for a range of financial services that take into account not just traditional assets but also those in digital form.
Here's a look at some of the best crypto-friendly banks and financial services to opt for in 2024.
Out in front of making cryptocurrencies more accessible is Revolut - the London-based financial technology firm. What this means is that it allows its users to buy, sell, and hold more than 30 different cryptocurrencies which include Bitcoin and Ethereum. The user-friendly mobile application offered by Revolut integrates well with conventional currencies which means it has been easy for users to switch between fiat and digital assets.
Other features include competitive exchange rates and even safe management of assets through a crypto wallet, including the possibility of creating cryptocurrency vaults as another option for long-term storage. Moreover, Revolut has available a kind of prepaid card for users to spend their crypto assets in converted fiat whereby traditional banking becomes one with the world of digital assets.
It's a pretty large player in the crypto sphere but not an old bank. This fintech company issues prepaid payment cards, partners with Mastercard, and where users can spend fiat and cryptocurrencies easily. More than 30 cryptocurrencies are supported by Wirex as well as a reward system whereby customers receive some crypto equivalent on their purchases.
Lastly, there is its very web3-based system and features that include free ATM withdrawals and staking of cryptocurrencies for passive income. Another service offered by the company is the fully digital X-Account, in which one could put investment into digital assets carrying already a possible annual yield of 20%.
Juno is a crypto-friendly platform specifically tailored for users and business persons in the blockchain and crypto industry. The facility offers specialized accounts coupled with crypto-backed loan facilities, savings, and trading. Juno has yet to be explained as where users will be rewarded to stake cryptocurrencies and come with a debit card associated with both fiat and crypto accounts.
Junno also boasts innovation in its Smart Treasury savings accounts, wherein users can earn interest on stablecoin deposits. Here, the platform houses a mix of traditional banking services with cutting-edge blockchain technology, therefore offering versatility to crypto users seeking a broader diversity of financial services.
Monzo focuses on simplifying crypto transactions.
Monzo has become one of the most popular banking services, characterized by digital services through which users can connect their accounts with cryptocurrency exchanges.
Integration offers users a means of managing their crypto assets while doing regular banking transactions. While not a direct exchange, Monzo doesn't allow for the outright trading of cryptocurrencies in of themselves, it does give you faster payment and direct debit options to send funds straight to crypto exchanges-a function to make funding and managing your crypto investments just that much easier. Monzo's digital banking innovation has made it easy to track a portfolio of cryptocurrencies and has smoothed the entry into the world of cryptocurrencies.
Ally Bank is one of the more established online banks in the United States. Ally supports the crypto-friendly environment but does not allow for direct trading on cryptocurrencies. It does, however, offer customers the ability to invest through its investment platform, Ally Invest, in crypto-related assets such as crypto funds, Bitcoin futures, and cryptocurrency stocks. Additionally, it also offers the linking ability of Ally bank accounts with mainstream crypto exchanges like Coinbase which can make it easier for customers to transfer their investments in crypto and manage them.
Ally may not allow direct crypto transactions but has brought in a good name through the transparent fee structures besides other deposits insured by FDIC with competitive rates amongst the other investors who would want to invest in cryptos and manage funds efficiently.
Square has developed Cash App as one of the most successful platforms, offering a range of traditional banking services together with transactions in cryptos. For any user, it allows them to invest directly in Bitcoin, and it also allows more or less traditional banking features regarding direct deposit and ACH transfer. The debit card is also placed inside the app, with which users can make purchases in fiat and in cryptos.
Cash App stands out on the strength of its direct in and out deposit and withdrawal in Bitcoin directly from/to personal wallets, relegating users to the highest level of authority over their cryptocurrency assets. US and UK-based cash app is expanding services and in turn, have been attracting easy accessibility in both traditional banking as well as cryptocurrencies.
Quontic is an American community bank targeting customers looking for traditional banking with a crypto-friendly approach. The most cited services offered by Quontic include a checking account with Bitcoin rewards, enabling the customer to earn cash back in Bitcoins on every purchase made with the card. It also offers interest-bearing accounts for deposits of cryptocurrencies in the bank, which helps one make interest on their digital assets.
Quontic is among the forward-thinking banks that are actively engaging with crypto and fintech companies to ensure that the ever-rising population of crypto enthusiasts doesn't have a hard time while banking.
Mercury is a digital Web3 crypto-focused bank specifically designed for businesses in the crypto space. Although Mercury doesn't allow for direct storage of cryptocurrencies in its users' accounts, it neither sells those cryptocurrencies nor restrains the buying process. It offers FDIC insurance up to $5 million through the Vault product while providing great returns on large balances through the Treasury service. Further, cash-back bonuses and prepaid cards make Mercury a suitable banking solution for any cryptocurrency business.
JP Morgan Chase has recently announced services for institutional cryptocurrency clients.
Without having direct contact with the retail crypto user, the world's largest financial institution, JP Morgan Chase, has not abdicated its experimentation in the crypto space when it comes to the services offered to the digital asset firms.
JP Morgan Chase is an immense strength in compliance and risk management since the company offers institutional-grade research on crypto markets to facilitate awareness for businesses and financial institutions on matters of making decisions about digital assets.
Crypto-friendly banks have been at the front lines through traditional institutions and fintech companies entering the digital assets space up until 2024. Such banking platforms encompassed buying and selling cryptocurrencies, providing passives, and even accepting crypto payments among other services they offered.
In this regard, these banks and financial services become invaluable bridges for anyone who would like to bridge the gap between traditional finance and crypto investments as a manager for the digital assets of a connected world.
