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Top 5 Bitcoin-Friendly Banks

Many traditional financial institutions, including banks, fiercely opposed the adoption of cryptocurrencies in the early days. However, they quickly turned around as other industry leaders intensified their campaigns for Bitcoin, citing it as a haven asset. The trend has seen many banks join the Bitcoin revolution, encouraging their customers to invest in crypto. There are a few things you need to know before investing, with it makes all transactions safe and secure.

Bitcoin’s popularity has inspired many banking institutions to transform their portfolios and maximize profitability. It has created robust opportunities for banks to meet the growing customer demands for financial autonomy and virtual investments. Several banks are also using Bitcoin’s blockchain technology to improve efficiency and cut costs on their operations.

Bitcoin-friendly banks can also provide payment processing and crypto trading services. Some banks also offer Bitcoin custodial services, such as managing and storing their customers’ virtual assets. The following are the top 5 Bitcoin-friendly banks.

  1. Ally bank

Ally Bank is an online banking platform that integrates one of the world’s renowned crypto exchanges, Coinbase. The bank offers access to Bitcoin and other cryptocurrencies traded on the platform while allowing users to buy crypto directly with cash through debit cards or credit cards. Ally Bank also provides numerous crypto investment options that you can trade without commission fees. Besides, customers can also select between managed portfolios or self-directed trading. The former uses a Robo-advisor, while the latter option gives you total control over your portfolio.

  1. Bank of America

The Bank of America is among the oldest and best banks in the USA. The bank offers investment options through its company, Merill Edge, allowing customers to invest in various virtual and physical assets. While the Bank of America does not allow its customers to purchase Bitcoin and other digital currencies directly, they support crypto investments. Those with a Bank of America Merrill Edge account and want to buy crypto can use Exchange Traded Funds (ETFs). The funds enable you to invest in Bitcoin without owning the tokens directly.

Instead, ETFs track the underlying asset’s market performance, enabling you to profit whenever the asset’s value increases. The bank also allows its customers to gain exposure to crypto by investing in the shares or stocks of companies involved in blockchain. The Bank of America also boasts an easy connection to the Coinbase platform, facilitating seamless withdrawals.

  1. Goldman Sachs

Goldman Sachs is among the first banks to offer crypto trading, unveiling the services in 2018. The bank, unfortunately, stopped the services as some investors started shying away. However, the recent Bitcoin success has convinced the bank to resume crypto trading services, allowing its customers to buy and sell digital currencies conveniently. Goldman Sachs currently offers Bitcoin futures and non-derivatives, with plans to introduce Bitcoin ETFs. That configuration would provide individuals and companies seeking to invest in Bitcoin and other virtual assets with more options to choose from, ensuring enhanced portfolio flexibility and substantial returns.

  1. USAA (United Services Automobile Association)

Unlike the above banks, USAA is a bank that only serves the current and former military members, their spouses, and children. However, they also provide numerous crypto financial products and services, including crypto exchange and asset management services. It allows customers to connect to multiple accounts, including crypto exchanges, for convenient transactions.

  1. OnJuno

OnJuno is a renowned banking platform with high interest in checking accounts and cash back rewards. It allows customers to get paid in cryptocurrencies. Besides, you can also buy and sell crypto using OnJuno’s checking accounts for free. Customers who make purchases with an OnJuno debit card earn 10% interest, while idle crypto on the platform earns interest of 6%.

Many banks are Bitcoin-friendly today, but the ones mentioned above can guarantee seamless, safer, and reliable global crypto transactions.

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