Like many others, you wouldn’t be alone if you noticed an uptick in cryptocurrency purchases and wondered how to get in on the action. Many banks will buy your cryptocurrency, but understanding your options will enable you to trade more securely.
Financial institutions may offer cryptocurrency-related services, such as allowing clients to buy, sell, and hold cryptocurrencies, processing transactions with cryptocurrency exchanges, etc.
Knowing which banks accept cryptocurrency makes finding the best crypto bank for your needs easier.
In this blog, we have shared a list of top banks that accept crypto.
List Of Top US Banks That Accept Cryptocurrency
Check here; some of the top cryptocurrency banking options available:
1. Revolut
Revolut being at the top of the list is not surprising. The online bank has gained recognition as an innovator in the financial sector since it debuted in 2015.
The Revolut trading platform supports over 50 cryptocurrencies, including Bitcoin, Ethereum (ETH), and Solana (SOL), while having FDIC insurance. Third-party staking validators can receive your delegated Ether, and you can directly send cryptocurrencies to other Revolut bank accounts.
Eligible countries allow credit card users to pay with cryptocurrency. The Revolut app instantly converts the value of your chosen cryptocurrency into fiat currency, allowing you to make purchases.
To top it all off, Revolut crypto card users can earn up to 1% cash back in any supported cryptocurrency whenever they purchase. The online bank has also introduced Revcoin, its cryptocurrency.
Revolut’s cryptocurrency services have a single biggest flaw: the high cost associated with using them. The typical user incurs a flat 1.99% fee on all crypto-related transactions.
Key Takeaways
- Enables trading of over 50 different cryptocurrencies.
- Users can spend cryptocurrency at any store worldwide and earn cashback with the crypto card.
- Provides delegated staking services.
- High fees.
2. Bank of America
Bank of America is among the best national banks because it provides investment services through its subsidiary, Merill Edge.
Although purchasing cryptocurrencies directly is impossible, cryptocurrency investment is still possible.
Blockchain is the underlying technology of cryptocurrencies. Suppose you want to invest in crypto and have a Bank of America Merill Edge account. In that case, you can utilize exchange-traded funds (ETFs) and mutual funds that track the performance of companies involved in blockchain.
You can easily withdraw funds when you connect your Coinbase account to your Bank of America account.
Key Takeaways
- Trading crypto is not directly possible.
- You must have a Merill Edge account for buying & selling crypto.
- Customer investment is provided access to ETFs.
Also Read: Ethereum (ETH) Price Prediction
3. Ally Bank
You can use your Ally Bank account to make indirect cryptocurrency investments.
While the app doesn’t allow you to buy or sell cryptocurrency directly, you can invest your money in crypto-focused trusts, Bitcoin futures, and crypto stocks.
The bank offers customers a wide range of investment opportunities, most of which are commission-free.
You can use a Robo-advisor to manage your portfolio or yourself through self-directed trading.
Key Takeaways
- Cryptocurrency-focused hedge funds and corporations offer investors the chance to put their money.
- It does not have built-in cryptocurrency trading support, but you can use it with Coinbase.
- Access ramp that provides quick and legal access.
4. USAA
USAA (United Services Automobile Association) caters to active-duty and veteran service members and their families as a financial institution.
USAA offers a variety of banking options, including Coinbase Connect. This integration now allows you to link your Coinbase and USAA accounts.
Keeping tabs on your cryptocurrency holdings and transactions from within the bank’s online banking platform is made simple by this.
Key Takeaways
- Fortune 500 company
- Coinbase integration
- Banking services include investing and insurance options, among others.
5. Bankprov
Bankprov is not just a bank when it comes to cryptocurrencies. The banking institution serves businesses in the cryptocurrency industry. Businesses in the cryptocurrency industry can access Bitcoin ATMs, cryptocurrency-backed loans and credit lines, and API banking. Bankprov allows you to make instant, 24/7 transfers of cash or cryptocurrency to other account holders. The FDIC and the Depositors Insurance Fund back Bankprov.
Key Takeaways
- Choose the top blockchain-based business banking option.
- Enables the lending of cryptocurrencies.
- FIDC and DIF ensure the safety of all deposits.
Also Read: Reasons For Crypto Market Crash
6. Quontic
Quontic skillfully navigates the space between a traditional bank and a crypto-friendly bank. Quontic offers standard banking services, such as mortgage loans and savings accounts, and provides a unique perk of a Bitcoin rewards checking account.
Quontic’s 1.5% cashback rate may seem low compared to the other companies on this list. However, Quontic gives customers 1.5% cash back in Bitcoin regardless of payment method. This cashback can last longer because it doesn’t encourage you to spend your cryptocurrency reserves.
Key Takeaways
- A conventional bank is experimenting with digital currency.
- The bank offers numerous standard banking services.
- A checking account that offers Bitcoin rewards.
7. Juno
If you are a crypto purist, Juno is your best option. It combines the advantages of a cryptocurrency exchange with those of a traditional bank account. You can receive direct deposits, FDIC insures your funds, and earn interest rates of up to 2.15% annual percentage yield.
Juno’s construction allows for the instant conversion of funds from a bank account to those stored on the blockchain. You can self-custody your crypto by exchanging it for other cryptocurrencies or sending it to another blockchain, such as Ethereum or Polygon.
Key Takeaways
- Transitioning from crypto to fiat and from fiat to crypto is easy.
- Mechanically convert fiat money into cryptocurrency.
- They accept many distinct digital currencies.
- You can buy anything online or in-store using your crypto debit card.
8. Wirex
Wirex stands out as a refreshing change of pace when comparing it to other contenders for “best crypto-friendly banks.” Wirex founders established the company to become the leading global cryptocurrency banking platform, distinguishing it from its competitors.
The platform grants access to a wide range of goods and services related to cryptocurrency. Wirex hosts a cross-chain bridge to facilitate the transfer of tokens between different blockchain networks. Wirex is also a full-featured trading platform for over 37 different digital currencies.
Wirex’s crypto debit card stands out due to its impressive 8% cash back on cryptocurrency purchases. The account also has a cryptocurrency wallet that can store NFTs and interact with DeFi dApps, and it offers access to generous staking services.
Key Takeaways
- Banks that prioritize cryptocurrency.
- The system offers multi-chain connectivity and creates a robust trading environment.
- They offer superior staking and cashback services.
- NFTs and dApps support.
Also Read: What is a launchpad in crypto
9. Bitcoin IRA
Bitcoin IRA, a Texas-based financial institution, offers free checking accounts to its customers every month. Syncing with Coinbase allows you to monitor your Bitcoin balance and transactions. Making payments and transferring funds is convenient with this all-in-one solution.
Key Takeaways
- You can monitor your Coinbase Bitcoin wallet in detail.
- They are a solid and reliable crypto trading bank with a long history in the industry.
- Allows access to no-fee cash withdrawals at 60,000+ ATMs across the country.
10. Barclays
Barclays has offices and branches in several countries, making it a global investment banking powerhouse. This bank in the UK welcomes cryptocurrency and facilitates customer transactions using blockchain technology. Their enthusiastic support of digital currencies has gained them notoriety.
Key Takeaways
- Barclays enables customers to purchase cryptocurrency with both credit and debit cards.
- The company provides its customers a secure platform for making crypto-based financial transactions.
FAQs
No, not all banks accept cryptocurrency. Reports have indicated that authorities are imposing restrictions on bank accounts related to cryptocurrency activity.
Cryptography serves the purpose of making transactions transparent and auditable by anyone. Many conventional financial institutions still view cryptocurrency as a poor method for fraudulent or illegal transactions, even though this perception is no longer true.
BankProv – Best for Crypto Businesses.
Juno – Best for cashback and interest in crypto.
Revolut – Best for Crypto Investments.
Ally Bank – Best With US Crypto Exchanges.
USAA – Best for Coinbase.
Citibank does not offer cryptocurrency trading services through its online banking platform, as American banks commonly do not due to regulations surrounding digital assets. Even so, a reputable and regulated trading platform allows Citibank customers to invest in cryptocurrencies.
Chase Bank accepts deposits and withdrawals from customers of regulated cryptocurrency exchanges, making the bank crypto-friendly. On the other hand, they do not provide cryptocurrency services. The currency conversion may change the costs.
Some developed nations that have legalized Bitcoin are the United States, Canada, and the United Kingdom. Several countries currently consider Bitcoin illegal. China and Saudi Arabia are included in these countries.
