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Cryptocurrency banks are banks that see cryptocurrencies such as Bitcoin and the like as a means of exchange and debt settlement. These banks usually interact in a friendly manner with cryptocurrencies or businesses related to crypto. These banks sometimes provide cryptographic custodial services.
Most banks can shut down an account with very little or no explanation if the owner makes a practice of investing in crypto or running blockchain businesses.
Cryptocurrency-friendly banks usually combine traditional bank services with a friendly attitude toward crypto. However, before one opens an account with a bank that is said to be crypto-friendly, one should endeavor to do enough research about such a bank. If you’re interested, the guide below may prove helpful to you.
Monese
This is a firm based in the United Kingdom, and they offer an alternative to the usual banking transactions. Monese services are available in the United Kingdom and 31 other countries throughout the economic areas of Europe. The firm also provides accounts in Romanian lue, euro, and pound. The debit card issued by Monese works just like the usual debit card. This implies that Monese debit cards can be used for making cashless transactions, buying goods online, buying airtime recharge cards, and so on.
Good for: This firm is great for people. Who are living in the United Kingdom and Europe and who need electronic banks. However, Monese’s services aren’t available to people in the United States.
BankProv
This firm was formerly known as Provident Bank. This bank is the oldest in the United States and has been operating for about 200 years, but it recently ventured into the cryptocurrency sector. BankProv mainly targets crypto organizations by offering cryptocurrency-backed loans and API banking services. It is interesting to know that all the US dollar deposits held in this bank are fully insured because it is a member of the FDIC (Federal Deposit Insurance Commission) and DIF (Depositors Insurance Fund).
Good for: This bank is great for blockchain companies that deal with cryptocurrency, as it is designed to aid their activities in the space.
Wirex
This is a cryptocurrency-friendly financial institution and a digital money provider, and it is located in the United Kingdom. Although Wirex is a traditional bank, it is a great alternative for people who want to buy and sell a moderate quantity of crypto. It also has a means of transferring idle funds into savings platforms.
The Wirex platform can allow more than 2 million users in 130 nations to carry out more than $2.5 billion worth of crypto and currency exchange. With Wirex, users can earn roughly 16% interest on their currency and crypto deposits, because they offer interest-paying X-Accounts.
Good for: This is a very good crypto bank for cryptocurrency investors because it gives them the chance to buy, exchange, and transfer 20 fiat currencies and cryptocurrencies at low charges. It also provides high transactions limit with no additional costs. Additionally, the Wirex Visa Card is produced by Sutton Bank and offers users $250,000 in FID insurance on prepaid card funds.
Juno
Juno isn’t a normal bank but a financial technology company in a partnership relationship with Evolve Bank and Trust. Consequently, they offer various banking services. These services include buying, selling, and withdrawing digital currency from wallets with no extra charges. Juno users can settle their bills via their Juno account and also gain access to more than 80,000 ATMs at no charge. As of now, Juno supports up to 36 cryptos, including Bitcoin, Ethereum, and Solana.
Good for: Juno is great for users who want to get rewards on their cryptocurrency and cash deposits. Users can earn up to a 5% reward when they make their first $25,000 deposit.
BitcoinIRA
BitcoinIRA isn’t a bank, but it is the most famous cryptocurrency IRA platform. It allows users to read crypto around the clock, and it supports more than 60 cryptocurrencies, including Cardano, Ethereum, and Bitcoin. In addition, it gives users the chance to roll over their existing IRAs and 401(k)s into BTC IRAs. However, the lowest amount of money that can be used for a new Bitcoin IRA is $3,000. Users are also required to make a secure payment of 0.08% that is charged every month and a one-time deposit charge of 0.99%.
Good for: BitcoinIRA is great for users who are in search of retirement accounts since it has tax advantages.
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