- Cryptocurrency, like any other financial corporation, needs banks to grow and flourish.
- The monetary transactions between individuals and companies are assisted, made easy and smooth by Crypto-Friendly banks.
- Depending on the regulatory location of the bank, its policies regarding the custody of cryptocurrency are set.
The crypto finance market had a smaller capitalization than conventional finance. There are, however, certain qualities that banks acquire, proving that they are in fact Crypto friendly. Cryptocurrency, like any other financial corporation, needs banks to grow and flourish. Hence, it would have been impossible for Bitcoin to reach such a large audience of consumers and investors if it had zero access to fiat money. This, in turn, gave them the space to expand their operations.
Influential Factors For Bank Policies
The banks that assist the diversions of their customers when they go around switching between their cryptocurrency and traditional banking functions simultaneously with small amounts of transaction fees are considered the best banks and simply are termed as Crypt-Friendly banks.
The monetary transactions between individuals and companies are assisted, made easy and smooth, convenient, safe and cheap. The diverse needs of bank customers depend on the size of their banks. Smaller regional banks tend to be more open to cryptocurrencies because their clients are mostly tech-savvy early adopters.
On the other hand, large banks are global and, hence, cautious of their cryptocurrency policies, as they aim to protect their clients, who are mostly institutional investors. Depending on the regulatory location of the bank, its policies regarding the custody of cryptocurrency are set.
Digital Banks That Support Digital Investment
- Robinhood
It was initially created for the trading of stocks on a digital platform, commission-free. One can trade their stocks, ETFs and cryptocurrency through this mobile app. That being said, Robinhood is the smoothest bank for safe cryptocurrency investing and trading. However, Robinhood currently only supports the buying and selling of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), but more coins will be added in the future.
- Coinbase
It came in with the mission to ‘increase economic freedom in the world’ and owned it up. It has been one of the most utilized digital banking platforms dealing with the transaction, trading and exchanging of Bitcoin (BTC), Ethereum(ETH) and Litecoin (LTC) with fiat currencies in 32 countries. Users can have a record of their multiple buys and sells and set up a wallet.
- Binance
It set foot in the market with the vision of increasing the freedom of money globally. They believe that by spreading this freedom, they can significantly improve lives around the world, about which they weren’t wrong. BTC, ETH, LTC, BNB, XRP, TRX, NEO, XVG, IOTA, EOS and ADA are all simultaneously supported by the bank.
- Ally Invest
It is set in the United States and supports Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). It is a digital stock broker platform offering low commissions and access to a large variety of investment products.
Juno, Bnakera, Barclays, BankProv, Revolt and USAA are more examples of crypto-friendly digital banking platforms that can convert cryptocurrencies into fiat money, have a secure record of transactions and help clients in these trades.
Customer onboarding, KYC and general account management, payments, clearing statements, management of smart contracts and keeping track of loans, Mortgages and credit are the advantages crypto investors aim to avail of. These motives are satisfied by the crypto-friendly banks available.
