Cryptocurrency, a novel creation that was meant to upend the global financial services sector has for this very reason seen a lot of banks limit or even ban their customers from gaining exposure to digital assets through their facilities. However, there are a few banks that’ve chosen to go against the grain by openly being cryptocurrency-friendly.
For these financial institutions, the growth of cryptocurrency represents an opportunity to remodel their approach to banking and financial services in the hopes of getting ahead of the bigger banks, which have been the most reluctant to embrace blockchain-based finance. To that end, here is a list of the best cryptocurrency-friendly banks and financial service providers for 2021 – in no particular order.
The Best Crypto-Friendly Banks Right Now
Because one of cryptocurrency’s biggest selling points is the democratization of finance, a banking service like Wala fits perfectly in this list. Wala, being based in one of the most unbanked regions in the world, Africa, positions the bank well to be a future leader in both traditional finance and digital assets in the territory.
The German-based bank is a fine example of a financial institution going all-in on digital assets. Apart from joining forces with a number of cryptocurrency platforms to build end-to-end infrastructure for seamless digital assets transactions, SolarisBank also offers a fully compliant crypto custody service with an integrated brokerage.
The United States has one of the largest and most active cryptocurrency communities in the world. However, there are still many concerns, especially the question of regulation. To tackle these burdens, Ally Bank worked to ensure that it is fully regulated by the relevant authorities and offers its clients both traditional and cryptocurrency-related financial services.
Multis’ main focus is to offer cryptocurrency banking services that are tailored to suit businesses. The San Francisco-based company allows its clients to securely deposit, store, trade, and withdraw digital assets through the services it offers. Furthermore, Multis helps its customers with managing their portfolios through tools like signals and indicators. It even goes as far as offering a payroll management service.
Revolut is a UK-based bank that offers a wide range of digital asset-related services. For starters, Revolut’s app is a one-stop-shop where customers can buy, sell and withdraw crypto directly through the bank. Second, the bank also offers a profitable nominee service – an old method used by stockbrokers to protect their clients against them [Broker] going insolvent.
Wirex is probably the most renowned of the financial institutions on this list and it is probably one of the oldest. Through a solid partnership with MasterCard, Wirex customers are able to use the debit card that is provided to directly spend their digital assets in exchange for goods in the real world – with the comfort of knowing that the company is fully regulated by the UK Financial Conduct Authority.