10 Best Crypto-Friendly Banks in USA

With the growing popularity of cryptocurrencies, more people than ever are looking for banks that support their crypto needs. But which banks are the most crypto-friendly? Here are the 10 best crypto-friendly banks in the USA.

1. Silvergate Bank

Silvergate Bank is a top choice for cryptocurrency enthusiasts and businesses. They offer a range of innovative solutions, including:

• The Silvergate Exchange Network (SEN), which enables real-time USD transfers between cryptocurrency exchanges and institutions 24/7/365,
• Specialized loans and lines of credit for cryptocurrency-related businesses
• Deposit accounts that can be funded via wire transfer or ACH

Silvergate’s deep expertise in the crypto space and services make them a go-to for many in the industry.

2. Signature Bank

Signature Bank is another leader in providing banking services to the cryptocurrency industry. Key offerings include:

• Signet is a blockchain-based digital payments platform that allows commercial clients to make real-time payments in US dollars 24/7/365.
• A range of deposit and cash management products for digital asset businesses
• Dedicated relationship teams with expertise in the unique needs of crypto clients

Signature Bank’s innovative approach has made them a top choice for institutional investors and crypto companies.

3. JP Morgan Chase

While JP Morgan Chase hasn’t always been seen as crypto-friendly, they’ve made significant strides:

• In 2020, they launched JPM Coin, their own digital currency for fast payment transfers.
• They’ve provided banking services to major crypto exchanges like Coinbase and Gemini.
• JP Morgan’s research team regularly publishes reports on developments in the crypto space.

As the largest bank in the US, JP Morgan’s warming stance towards crypto is a significant vote of confidence in the industry.

4. Quontic Bank

Quontic is a digital bank that has embraced cryptocurrencies with open arms. They offer:

• A Bitcoin Rewards Checking Account that earns 1.5% in Bitcoin on eligible debit card purchases
• The ability to buy, sell, and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their mobile app
• FDIC insurance on USD deposits, giving customers added peace of mind

Quontic’s innovative products make it easy for anyone to participate in the crypto economy.

5. Ally Bank

Ally is an online bank that has taken a friendly stance towards cryptocurrencies. While they don’t offer direct crypto trading, they do provide:

• The ability to link your Ally account to crypto exchanges for easy transfers
• 24/7 customer support to assist with any crypto-related banking needs
• Competitive interest rates on their online savings accounts, providing a great place to park your USD between crypto trades.

Ally’s user-friendly digital interface and solid banking fundamentals make them a top choice for many crypto users.

Related: How to Become a Blockchain Developer

6. USAA

USAA is a financial services company that primarily serves members of the US military and their families. They’ve shown a progressive stance on crypto by:

• Investing in Coinbase’s Series F funding round in 2018
• Allowing customers to view their Coinbase balances through the USAA app
• Publishing educational content to help their members understand and navigate crypto.

While USAA doesn’t offer direct crypto trading, their openness to the industry is notable given their large customer base and influence.

7. Goldman Sachs

Goldman Sachs, one of the world’s leading investment banks, has been making serious moves in the crypto space.

• In 2021, they became the first major US bank to offer Bitcoin futures trading to clients.
• They have an active cryptocurrency trading desk and offer Bitcoin derivatives.
• Goldman has invested in numerous crypto startups and publishes regular research on digital assets.

As a Wall Street powerhouse, Goldman’s embrace of crypto is a strong signal of the industry’s mainstream potential.

8. Customers bank

Customers Bank is a community bank that has taken a proactive approach to servicing the crypto industry.

• They offer banking services to numerous crypto exchanges and blockchain companies.
• The bank launched a blockchain-based real-time payments platform called TassatPay.
• Customers Bank’s Customers Coin allows clients to make instant payments 24/7 using stablecoins.

By focusing on the unique needs of crypto businesses, Customers Bank has carved out a strong niche in the industry.

9. Evolve Bank & Trust

Evolve Bank & Trust is a Memphis-based bank that has quietly become one of the must-points in crypto.

• They provide banking services to leading crypto companies like Paxos, Circle, and Binance. US
• Evolve offers a customizable API banking platform that can integrate with crypto exchanges and wallets.
• The bank has a dedicated Digital Assets team with deep expertise in compliance and risk management.

Evolve’s tech-forward approach and crypto-savvy team have made them a go-to banking partner for many digital asset businesses.

10. Bancorp Bank

Bancorp Bank is a Philadelphia-based bank that provides innovative solutions for the crypto industry.

• They offer a white-label cryptocurrency debit card platform that can be customized for exchanges and wallets.
• Bancorp provides secure custody services for digital assets.
• The bank has partnered with numerous crypto companies to launch consumer-friendly products like crypto rewards cards.

Bancorp’s focus on developing user-friendly crypto payment solutions has positioned them as a key enabler of mainstream adoption.

Key Takeaways

1. A growing number of US banks are embracing cryptocurrencies and offering services tailored to the needs of the crypto industry.

2. These banks offer a range of solutions, from real-time payment networks and custody services to crypto trading desks and blockchain-based platforms.

3. Some banks, like Quontic and Goldman Sachs, allow customers to directly buy, sell, and invest in cryptocurrencies.

4. Other banks, like Signature and Evolve, focus on providing banking infrastructure and support to crypto exchanges and blockchain companies.

5. Large banks like JP Morgan and Goldman Sachs are bringing mainstream credibility and significant investment to the crypto space.

6. Online banks like Ally and community banks like Customers Bank are leveraging their digital platforms and agility to quickly adapt to the needs of crypto users.

7. The crypto-friendly banking landscape is diverse, with options for individuals, businesses, and institutions looking to participate in the digital asset economy.

Frequently Asked Questions

1: What is a crypto-friendly bank?

A crypto-friendly bank is a financial institution that offers services designed to meet the needs of cryptocurrency users and blockchain companies. This can include allowing customers to buy, sell, and hold digital assets, providing banking infrastructure to crypto businesses, and offering blockchain-based payment solutions.

2. Why do I need a crypto-friendly bank?

If you are actively involved in the cryptocurrency space, either as an individual investor or as a business operating in the industry, you will likely need a bank that understands and supports your unique needs. Crypto-friendly banks can provide you with secure and compliant ways to manage your digital assets alongside your traditional finances.

3. Are my funds safe with a crypto-friendly bank?

Yes, the crypto-friendly banks on this list are all regulated financial institutions that offer FDIC insurance on USD deposits.

4. Can I use my regular bank account to buy and sell cryptocurrencies?

It depends on your bank’s policies. While some traditional banks may allow you to link your account to a cryptocurrency exchange, others may block these transactions. Using a crypto-friendly bank can help ensure that you have reliable access to the crypto ecosystem.

5. What should I look for when choosing a crypto-friendly bank?

When selecting a crypto-friendly bank, consider factors such as the specific products and services they offer (e.g., direct crypto buying/selling, custody, payment solutions), their fees and account minimums, the cryptocurrencies they support, and their reputation and security track record in the industry.