Cryptocurrencies have dealt a significant blow to the traditional financial system. After all, it is a direct competitor to banks, which are criticized for poor privacy and security. Initially, the banking sector ignored all the hype around cryptocurrencies. They seemed like one of those ideas that would soon disappear, like the dot-com bubble in the 90s. However, over time, it became evident that cryptocurrency is not another Ponzi scheme but a convenient financial tool rapidly gaining popularity. In this review, we will analyze the top 10 banks in the United States that decided not to try to conquer but to join the crypto movement.
Top 10 Crypto-Friendly Banks in the USA
BankProv is perhaps the most famous crypto-friendly bank in the USA. This bank is an offshoot of the Provident Bank. Provident Bank is one of the oldest in the USA, its reputation is extremely high, and it began to explore the digital world relatively recently. To date, BankProv focuses on corporate solutions for companies working in the crypto-related business.
The platform allows clients to open a personalized account and enjoy all the benefits of the banking system through a convenient mobile application. BankProv is a member of the FDIC and DIF, so 100% of user deposits are insured. It is also worth noting the crypto-backed lending solution, thanks to which users can access secure Ethereum-backed loans.
Another American bank that offers services to both companies and individuals. Chasebank became a cryptocurrency pioneer in the United States and was the first to release a branded cryptocurrency for instant transactions. It is impossible to trade digital currencies on the platform, but it is easy to connect the account to the profile on the main American crypto exchanges, including Coinbase. With the help of Chasebank, users can easily invest in cryptocurrency-related companies and funds, owning crypto assets and futures. The bank has also partnered with NYDIG to launch a Bitcoin fund for its clients.
Banks that work closely with cryptocurrency exchanges have long become especially popular. For example, USAA has partnerships with the cryptocurrency market giant Coinbase, so you can constantly monitor your Bitcoin wallet and monitor transactions in real-time. In addition, thanks to this cooperation, USAA users can easily buy BTC on Coinbase using a debit card, bank transfers, or wire payments.
Nevertheless, it is worth noting that this bank does not serve everyone. USAA develops in a narrow niche and provides its services exclusively for the military community. USAA also provides a mobile application with which users can access banking services at their fingertips.
- Ally Bank
It is not easy to open an account for cryptocurrencies in developed countries. Therefore, banks in reputable jurisdictions that are friendly to digital financial assets are still a rarity. Ally Bank is exactly like that. It is registered in the USA and operates 24/7. Probably one of the best alternatives for enthusiasts who want to buy or sell cryptocurrency on any exchange as simply as possible.
Ally Bank serves the largest crypto exchanges, such as Coinbase, allowing its customers to track their crypto transactions and balances easily. Ally Bank is a fully digital platform that has no physical representation. Thanks to this, this bank has brilliant 24/7/365 custom support and allows customers to manage their funds on the go.
- Signature Bank
To our great surprise, Signature Bank is not often noted in the media, but the bank’s success in the crypto field is impressive. For example, in 2021, the bank received more than $6 billion in crypto deposits. Signature Bank has an official cooperation agreement with the government of Bermuda in the field of fintech, which allows cryptocurrency exchanges and other companies in this industry to open accounts for servicing in the US jurisdiction.
Thus, cryptocurrency startups registered in Bermuda can now open bank accounts in New York. In addition, the bank is known for launching an Ethereum-based platform called Signet, which uses a stablecoin to settle transactions. It is interesting to note that Signature Bank became the first commercial bank to establish a payment project with a stablecoin.
- Silvergate Bank
Today, Silvergate is one of the leading banks for American crypto startups. Over the years, Silvergate has narrowed its focus almost exclusively to serving cryptocurrency exchanges, over-the-counter trading platforms, and institutional investors. According to a statement from the official Silvergate website, the bank serves over 750 reputable crypto exchanges, institutional investors, and software developers in fintech.
Silvergate Bank’s clients are Coinbase, Gemini, Kraken, Paxos, Circle, and others. Silvergate provides a full range of bank-related services and allows clients to perform real-time USD and EUR settlements between counterparties. Moreover, Silvergate provides a specialized lending solution, thanks to which customers can take Bitcoin-backed loans.
- BBVA Bank
Another American bank is BBVA. It works with various crypto exchanges and allows its clients to buy and sell cryptocurrency. At the same time, such deposits are insured by the Federal Deposit Insurance Corporation (FDIC), which guarantees investors the safety of their funds. However, only people living in America can use Simple’s services. Even US citizens who are in other countries cannot become customers of the bank.
The big advantage of Simple Bank is the support of several popular cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Litecoin, and others. In addition, Simple Bank allows its customers to make an unlimited number of crypto transactions on its unique platform. This platform also supports InstantSend technology, which enables transactions to be processed lightning-fast.
- Goldman Sachs
Goldman Sachs Bank, which has developed as an investment bank for wealthy clients, has decided to open its doors to the crypto community. Goldman Sachs is the most famous and reputable New York-based bank, founded in 1869. Goldman Sachs officially launched the era of cryptocurrency trading on Wall Street, providing large investors the opportunity to bet on the future price of Bitcoin.
The bank has launched “non-deliverable forwards” on cryptocurrency. These are short-term futures contracts that pay money to investors who can accurately predict the future price of an asset — in this case, BTC. That is, both parties of the transaction agree on the price, and after the expiration of the contract, the winning party receives the difference between the contract price and the actual price.
Anchorage became the first crypto bank at the federal level. The Office of the Comptroller of the Currency (OCC) issued a license to Anchorage, which allowed the bank to provide digital asset storage services, including for institutional investors. Anchorage offers a wide range of services for its clients. The bank allows its clients to store and manage their digital assets securely, stake Celo, Tezos, Flow, Oasis, and other cryptocurrencies, participate in the governance of various crypto projects, trade cryptocurrency 24/7/365, and much more. To date, the list of Anchorage partnerships is growing restlessly, and the bank is strengthening its position in the title of the most crypto-friendly bank.
- Quontic Bank
Quontic is an innovative bank that provides many novel features to its customers. Today, Quontic Bank is one of the most well-known and reliable crypto-friendly banks, constantly noted by such reputable platforms as Forbes, Nasqad, Bitcoin Insider, and others. Quontic Bank allows users to pay for goods and services using the Pay Ring. Thus, you can easily pay with BTC using your Quontic debit card or Pay Ring. Moreover, Quontic is an up-to-date bank striving to adopt cryptocurrencies massively.
For this reason, the bank actively promotes the use of BTC and provides various benefits. For example, for each Qualified Point of Sale (POS) purchase with BTC, users are charged 1.5% daily. In addition, users can also earn up to 1.85% on their Bitcoin Saving accounts.
Fortunately, the days are going by when hereditary bankers roll their eyes at the word “Bitcoin.” Instead, financial organizations strive to keep up with the times and offer their crypto-enthusiasts clients a comfortable service and favorable conditions. There will likely be more such banks yearly, and cryptocurrencies will become as familiar as a bank card or fiat.