Top 10 crypto-friendly banks in the world in 2023
In Brief
Banks that support cryptocurrency offer digital asset trading services, enabling users to buy and sell leading cryptocurrencies.
Selecting a bank is definitely the more secure route than using cryptocurrency exchanges.
As we look forward to 2023, let’s explore the most cost-effective cryptocurrency banks and investigate how they can facilitate payment transactions. Utilizing these crypto-friendly institutions could provide customers with access to much more affordable transaction costs.
Although banks have been slow to embrace cryptocurrency, some forward-thinking institutions are now gladly accepting these innovative digital assets from their customers.
What are cryptocurrency-friendly banks?
Cryptocurrency-friendly banks are financial institutions that support cryptocurrency. These banks offer digital asset trading services, enabling users to buy and sell leading cryptocurrencies like Bitcoin, Ethereum, Ripple, or other altcoins for traditional fiat currencies, including USD, EUR, and GBP. Most of these banks also provide their customers with cryptocurrency wallet services, allowing them to store and protect their digital assets.
How to Select a Crypto-Friendly Bank
Looking for a bank that’s crypto-friendly? To make an informed choice, consider the four major factors: customer feedback, fees, reputation, and services provided by the institution.
Customer Feedback
One of the best ways to evaluate a cryptocurrency bank is through customer feedback. Read online reviews, ask around about their experiences, or better yet, reach out directly to current customers and inquire them about their experience with the particular financial institution.
Fees
Before signing up with any bank, be sure to compare fees between different banks. Examine the fees related to deposits, withdrawals, trading, and other services provided by each institution. Fees are typically charged in terms of percentage or a flat rate. Also, look at which cryptocurrencies they accept and determine if there are any hidden charges involved with these transactions.
Reputation
It’s important to evaluate the bank’s reputation when selecting a crypto-friendly bank. Do some research and look into the institution’s background, performance history, and customer service reviews to determine if it is a reliable and trustworthy choice.
Services Provided
Crypto-friendly banks offer a wide array of services, including but not limited to cryptocurrency trading, custodial services, wallet accounts, debit cards linked to crypto accounts, and more. Evaluate the different services each bank provides to determine which one best meets your needs.
Choosing a cryptocurrency-friendly bank can be overwhelming, but with some research and diligence, you can find the right one for you. Utilizing these banks could provide customers with access to much more cost-effective transaction costs in the near future.
Advantages of Crypto-Friendly Banks
Banks offer investment purposes as well as services like credit cards and loans that you can use. However, on top of that, you can use crypto-friendly banks’ services to convert digital assets like Bitcoin, Ethereum, and others into fiat currencies like USD, EUR, and GBP. These institutions also allow you to you can use digital assets like Bitcoin, Ethereum, and others to make bank-based payments while your funds are safely stored in a bank.
Disadvantages of Crypto-Friendly Banks
It could be difficult to locate a bank in your area that accepts cryptocurrency. Cryptocurrency-accepting banks are not governed by any financial or political authorities, so you might not receive the same level of customer service as you would at a conventional bank as a result. There is also he matter of fees: There are significant transaction fees involved in converting fiat currency into digital assets and vice versa.
Worse still, insurance does not cover your digital possessions. This suggests that if the bank is hacked, you will lose your digital assets.
Top 10 Crypto-Friendly Banks In 2023
As cryptocurrencies and other digital payment methods gain popularity, more institutions are adopting them. In case you’re looking for one, here is a list of the top 10 crypto-friendly banks in the world in 2023:
JP Morgan Chase
JP Morgan Chase, one of the largest and most successful banks worldwide, took a revolutionary step forward by becoming the first US bank to design its own cryptocurrency (JPM Coin) using blockchain technology for international payments. The bank has also established the Onyx Blockchain-focused unit to drive further adoption of digital assets.
CitiGroup
CitiGroup, one of the world’s largest banks, offers a suite of services that let clients purchase, trade, and store cryptocurrencies such as Bitcoin, Ethereum, etc. The bank is constantly exploring new ways to use blockchain technology to provide innovative solutions and products to its clients.
Goldman Sachs
Goldman Sachs, a leading US investment bank, introduced several cryptocurrency-related services, such as bitcoin trading desks, in 2019 and has since been adding more digital asset offerings for its customers. The bank is also creating various infrastructure tools for blockchain-based transactions, making it a leader in the crypto-friendly banking sector.
Barclays
Barclays, a British multinational bank and financial services company, has been involved with cryptocurrency since 2017, when it became the first major European bank to accept Bitcoin payments. The bank also introduced a blockchain platform that enables customers to transact more securely and quickly.
Standard Chartered
Standard Chartered, another British multinational bank and financial services company, offers customers the chance to buy, sell, store, and convert various digital assets such as Bitcoin. The bank also provides an integrated platform that helps businesses securely manage digital currencies alongside their traditional accounts.
UBS Group AG
UBS Group AG, a Swiss multinational investment bank and financial services company, is actively exploring ways to use blockchain technology for its banking services. The bank has launched various initiatives, such as the UBS Crypto Currency Trading Desk, to facilitate digital asset trading and secure transactions.
ING
ING, a Dutch global financial institution based in Amsterdam, developed ING Coin to help its customers purchase goods and services securely with digital currency. The bank also provides a platform that allows businesses to transfer money without the need for traditional banking services.
HSBC
HSBC, one of the world’s largest banks, has been involved in cryptocurrency since 2017, when it became the first European bank to accept Bitcoin payments. The bank has since developed a platform that allows customers to trade and transact with digital assets more securely.
BNP Paribas
BNP Paribas, a French multinational bank and financial services company, provides an integrated platform that enables customers to buy, sell, store, and convert various cryptocurrencies like Bitcoin. The bank also helps businesses use blockchain technology for secure and fast transactions.
Wells Fargo
Wells Fargo, one of the largest banks in the US, has been actively exploring blockchain technology for its banking services. The bank is also looking into ways to use cryptocurrency as an investment option for its customers by creating a digital asset platform for trading digital assets like Bitcoin.
Conclusion
Selecting a bank is definitely the more secure route than using cryptocurrency exchanges, but you must ensure that the banking institution you go with not only accepts crypto payments but is regulated by financial authorities as well.
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Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
More articles
Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
