A few years ago, the crypto industry did not have much support as many had negative sentiments regarding the industry. In addition, it is a concept that would challenge the global financial industry as we know it, so many had doubts that were further perpetuated by propaganda spread through the media. Fast forward to the current times and partnerships we thought we would never see in our lifetime between crypto companies and financial companies taking place.
All of the above is due to the core functions of crypto and the technology and innovations surrounding it, which have helped to propel the industry's popularity as a whole. This growth in popularity and trajectory, along with evidence supporting that the industry is profitable, scalable, and sustainable, has led to a more positive view of the industry and it's being more progressive and lucrative, though it is still developing. As a result, industries led by central authorities and traditional industries are jumping onto the train and somewhat helping to regulate the crypto industry by creating more security measures and international laws that protect the investments of people and measures that will be beneficial to both the crypto industry and industries overseen by central authorities and those that function under traditional systems.
In light of the above-stated, Visa and Mastercard, the largest global payment networks, have partnered with crypto exchange platforms, including Coinbase and numerous digital currencies, to simplify the participation of banks in crypto and to make the process efficient and less tedious for investors. Furthermore, this cooperation enables banks and merchants worldwide who have partnered with either Visa or Mastercard to offer crypto-related services seamlessly, opening up both industries and inherently increasing the popularity of the digital asset industry.
Top 5 crypto-friendly banks
JP Morgan, a major global financial institution, has made large investments in digital currency in a remarkable move that brings together cryptocurrency and conventional financial institutions.
The first bank-led blockchain platform in the world to exchange value, information, and digital assets was created by JP Morgan in 2020 and it is called Onyx. It was also created for foreign currency tokenised cash deposits using the blockchain division for wholesale payments. The organisation entered into joint ventures with other financial organisations, including Temasek (Singapore's government investor), Marketnod, Singapore's DBS Bank, and Japan's SBI digital bank.
JPMorgan used blockchain technology in February 2021 and launched JPM Coin to streamline international payments. Furthermore, JPMorgan introduced a Bitcoin fund in August 2021 that is open to all of its wealth management clients. While the NYDIG fund is only accessible to private banking customers, the Grayscale and Osprey Funds are accessible across its multiple wealth management platforms. The international organisation also entered the market for virtual currencies in 2022 and invested $2 trillion in Bitcoin and Ethereum.
2. Ally
A variety of financial services are offered by Ally, an online bank, including traditional banking, house and auto loans, investment, corporate finance, and business-to-business lending. Ally Bank functions as a full-service online bank offering competitive rates, low fees, no minimums and 24/7 customer service.
Currently, Bitcoin spot trading is not available from Ally bank. However, they provide cryptocurrency-specific funds and stocks, so you can indirectly expose your portfolio without needing coins or a wallet. Keep in mind that these aren't suggestions and that they are still subject to volatility, yearly charges, and other discrete expenditures. The bank has created a method, though, via which it is possible to buy Bitcoin or other cryptocurrencies. Customers of Ally Bank are given the option to link their accounts to Coinbase, a platform for bitcoin exchange, in the same way, they would link a different bank account. You can then buy cryptocurrency at Coinbase using their Ally Bank debit card. Ally is clearly moving in a crypto-friendly direction by enabling consumers to do this, even though it may not be the same as buying cryptocurrencies directly at the bank.
3. Revolut
Revolut provides a range of financial services, such as GBP and EUR bank accounts, debit cards, fee-free currency conversion, stock trading, cryptocurrency exchange, and peer-to-peer payments. The mobile app for Revolut allows for transfers in 29 currencies, purchases in 120 currencies, and ATM withdrawals. Since its establishment in 2015, the bank has grown to become one of the most well-known institutions, challenging those that have long dominated the global financial landscape. It currently houses over 18 million individual accounts. This bank exclusively accepts online payments and has a mobile app that is fully compatible with iOS and Android devices.
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In addition to the above, Revolut is one of the few banks that are qualified and authorised to offer cryptocurrency services in addition to the ones already listed. The extraordinary feature of this bank, which further sets it apart from rivals, is that it welcomes clients from Switzerland, Europe, the UK, Australia, Singapore, and Singapore. You will be able to add money to your home currency by opening a Revolut account. In the same way, you would with a conventional bank account, you will also be able to send and receive money. Users of this bank are given a debit card that is linked to their account. Like every other bank, the debit card can be used for purchases online, in stores, or at ATMs. This occurs in two different forms depending on how it relates to cryptocurrency.
Crypto investors with a Revolut bank account can easily purchase cryptocurrency with the bank account, of which one can additionally withdraw proceeds into their account from their crypto. Additionally, customers can purchase digital assets through the bank's mobile app, which offers over 30 of the most popular cryptocurrencies, including but not exclusive to Bitcoin, Ethereum, XRP, and Dogecoin. Additionally, the minimum deal amount for purchasing cryptocurrency through the Revolut app is a mere $1.
4. Bank of America
One of the largest financial organisations in the world, Bank of America offers a broad variety of banking, investing, asset management, and other financial and risk management products and services to individuals, small- and middle-market enterprises, and large corporations. The bank is crypto-friendly, allowing its customers to buy and sell digital assets. However, this is done indirectly. The bank allows cryptocurrencies that have been authorised, along with crypto exchange platforms such as Uphold, which are authorised and licensed.
As described above, the bank does not allow direct purchasing and selling of crypto. However, it allows customers to invest in ETFs (exchange-traded funds) that provide exposure to the cryptocurrency market. This is done through subsidiaries like Merrill Edge, an electronic trading platform.
5. Quontic
A variety of deposit accounts are available from Quontic Bank, a digital bank with reasonable minimum deposit requirements and competitive interest rates. The savings account has no monthly service fees and a high rate of return, in addition to having a small minimum deposit requirement.
This bank aims to bring an innovative approach to debit card rewards programs and bring the power of crypto to your everyday life. This is achieved through Bitcoin rewards checking. A first-of-its-kind innovation launched by the New York-based digital bank. Customers will receive 1.5% Bitcoin instead of a reward on all purchases made with an approved debit card. As a result, one has the opportunity to earn cryptocurrency and see its value rise.
All the features of a standard bank account are available to you, including electronic transfers, online bill payments, and mobile check deposits. Access to more than 90,000 ATMs is also free. $500 is the starting requirement. No minimum daily balance is necessary. As long as you maintain an active account, your Bitcoin incentives won't ever expire.
The financial world as we know it is changing, and in the end, massive changes will continue to happen in money and its functions. Cryptocurrency is changing many norms through its developing technologies and innovations. Furthermore, the core functions of crypto as an industry have proven to be efficient in a way that can be used in daily life and across the systems of various traditional industries governed by central authorities. The rising popularity and increase in cooperations or partnerships between the crypto industry and various other industries prove that crypto is indeed valuable.
