The rise of digital banks integrating cryptocurrencies is apparent. Besides the new market entrants focused solely on digital interactions, even some traditional banks are introducing crypto functionalities.
Before committing to a digital bank offering cryptocurrency services, it's crucial to assess the features you require. Unlike the familiar banking framework, these modern digital banks come with a diverse range of offerings.
Not all the names listed here will provide the same protection for deposits as conventional banks or credit unions do. Some are insured by the FDIC, and any assurance offered by these platforms will be made clear.
Some crypto enthusiasts lean towards decentralized currencies, influencing their views on needing government-backed deposit insurance for their funds. Despite preferences, it's wise to consider this aspect before committing to a crypto-supporting digital bank.
Prime Digital Banks with Cryptocurrency Services
Numerous digital banks today offer basic banking features while also enabling cryptocurrency use and ownership. Each bank typically targets specific regions, so ensure their services are available to you before finalizing your choice.
We have also covered Bitcoin / Crypto debit cards , explore these options if complete banking services aren’t a necessity for you.
Revolut
Revolut Revolut, an innovative financial intermediary, offers primary banking services to residents in the UK and parts of the EU. It supports cryptocurrency holdings, albeit with certain considerations. For frequent travelers, Revolut often stands out as a superior digital banking choice.
This fintech company provides cost-effective global ATM withdrawals and low-rate international money transfers. Revolut users can benefit from a Visa debit card, which is often budget-friendly, especially with special promotions, allowing them to manage their finances via a highly-rated app.
Revolut, primarily recognized as a financial service, doesn’t qualify as a bank outside Lithuania, yet it's supervised by the UK's FCA. Lithuanian users are protected by a EUR 100,000 deposit guarantee, though this security doesn’t extend to non-Lithuanian users.
For those intrigued by cryptocurrencies, Revolut provides a compelling solution. Users can conveniently trade cryptos with either fiat or other cryptocurrencies through the app. The offered exchange rates are favorable, though there's a minor caveat.
While Revolut users can trade cryptocurrencies, they don’t hold private keys. Essentially, this means Revolut retains ownership of the cryptos, requiring users to follow certain protocols to utilize them outside the app.
Despite not actually owning the cryptos, Revolut delivers a seamless platform for trading and utilizing both cryptocurrencies and traditional currencies. With a debit card, users can freely spend their crypto balance or manage trades within the account.
If your needs align with what Revolut offers, it’s a viable option, particularly for those leading a global lifestyle. There are membership fees for users needing to frequently transact large volumes, which should be taken into account.
Read our full review of Revolut here .
Wirex
Wirex While not a conventional bank, they do facilitate banking services for those transacting with both cryptocurrency and fiat currency, and they are recognized by the UK’s FCA, although they do not provide a deposit insurance scheme.
For UK residents, Wirex makes incorporating cryptocurrencies into daily life seamless. It allows deposits from credit/debit cards, bank transfers, and major cryptocurrencies, while also supporting multiple fiat currencies like GBP, USD, and EUR.
The standout feature of the Wirex platform is its adaptability. Once a user deposits either fiat or crypto into Wirex, converting it to any supported currency is straightforward, offering competitive rates for fiat-to-crypto conversions or liquidating crypto holdings.
Wirex users can also utilize a debit card linked to their account balance. Among the available options, the GBP Visa debit card is ideal for UK users, simplifying local transactions and cash withdrawals at ATMs.
Wirex's versatility extends to choosing between a crypto wallet and a traditional currency wallet, tailored to the user's desired operations.
For crypto aficionados, a multi-signature wallet that integrates with fiat transactions is an incredibly useful feature offered by Wirex.
If you’re seeking a comprehensive banking solution, Wirex may not fit the bill. It effectively merges crypto with fiat but doesn’t provide services like loans or credit cards. It’s an excellent entry point into cryptocurrency, easily funded from a standard bank account.
Read our full review of Wirex here .
Simple Bank
As an online bank in the USA, Simple Bank provides a suite of banking services with full FDIC coverage. While reportedly providing cryptocurrency purchasing capabilities, its website hasn’t detailed these features yet.
As a conventional bank, Simple Bank offers a wealth of services, including budgeting tools and virtually no service fees, making it an attractive option for younger clientele seeking savings.
Simple Bank provides high-interest savings accounts. For individuals just interested in a straightforward option to acquire cryptocurrencies without the advanced trading features, further exploration into Simple Bank could be beneficial.
Ally Bank
Ally Bank is yet another digital bank entering the crypto arena. Though it doesn't facilitate direct crypto ownership through its platform, it offers a seamless partnership with Coinbase, enabling customers to engage in crypto trading and fiat transfers as required.
In its role as a fiat bank, Ally Bank provides its clients with extensive services and assurances of a $250,000 FDIC-backed deposit guarantee.
Originating from GMAC, Ally Bank has developed a banking platform comparable to various online-centric banks. A smartphone is essential for accessing funds, including fee-free withdrawals from a network of over 55,000 ATMs nationwide.
Thanks to its lower operational costs, Ally Bank affords clients competitive savings rates. While it may not appeal to those steering clear of fiat transactions, it's advantageous for anyone looking to navigate both fiat and crypto realms.
Easily setting up a savings or checking account online with Ally Bank allows for straightforward crypto transactions with Coinbase. The streamlined cash flow between the two platforms enhances user experience without additional worries.
USAA
Although USAA isn't purely a digital bank with crypto capabilities, having some physical branches in the USA, its app-based model serves most clients. It’s a FDIC-insured federal savings branch.
A unique feature of USAA is its eligibility criteria; it’s available solely to US military personnel (active or veteran) and select family members. However, USAA was at the forefront of US banks investing in crypto exchanges, offering smooth integration with Coinbase accounts.
As a banking entity, USAA boasts comprehensive services, including credit and debit card offerings alongside lending options. While direct crypto deposits aren't accepted, clients can fund their Coinbase wallets and subsequently transfer funds to their USAA account.
USAA also presents appealing savings account interest rates, coupled with a comprehensive app that supports a range of functions accessible via smartphone. If eligible for a USAA account and keen on dabbling in cryptos, delving into the USAA/Coinbase partnership is advisable.
Fidor Bank
Fidor Bank DE, headquartered in Germany, partners with Kraken to integrate crypto options while providing standard banking services like reasonable-cost international debit cards.
Despite Fidor Bank's distinct identity from Kraken, they collaborate to offer rapid fund transfers across the two platforms for their clients.
The arrangement between Kraken , with Fidor Bank ensuring a seamless bridge between fiat and crypto markets, approximating an integrated account for utilizing cryptos alongside traditional banking systems.
Kraken is a top-tier exchange, offering an array of token pairs and advanced trading tools such as leverage and limit orders. Fidor Bank supplements this with typical digital banking services, including a money management app and spend analytics.
Fidor Bank's primary drawback is its limited geographic reach, having recently pulled its UK operations due to political upheavals, which didn't initially extend Kraken's crypto integration to UK clients.
For those residing in Germany and seeking effortless online banking with access to a top-notch exchange, Fidor Bank merits consideration.
LHV Bank
App-Centric Banking 2020: Leading Digital Banks with Cryptocurrency Capabilities
We're seeing a steady increase in the number of digital financial institutions offering cryptocurrency services. This is great news for individuals who need to juggle both traditional money and digital currencies.
Change Bank
App-Centric Banking: Leading Digital Banks with Cryptocurrency Capabilities
The variety of digital banks embracing cryptocurrency services is expanding. While some are startups offering fully digital experiences, existing financial entities have also begun incorporating crypto features into their platforms.
Before opting for a digital bank that supports cryptocurrencies, it's crucial to assess which functionalities you require. The newer wave of digital banks differs from traditional banking by offering diverse services tailored to both fiat and crypto demands.
It's essential to recognize that not all featured institutions provide the same level of deposit insurance as conventional banks or credit unions. Some are FDIC insured, and any deposit guarantees available will be clearly stated.
Bitwala
Many cryptocurrency enthusiasts appreciate the concept of decentralized currencies, which may influence their perspective on the need for governmental insurance on their banked savings. Regardless, it's a critical aspect to consider before entrusting your fiat or digital assets to a bank's care.
Leading Digital Banks With Cryptocurrency Options
Prominent Banks Facilitate Cryptocurrency Transactions Too
Expect a Surge of Digital Banks with Cryptocurrency Options
Major Banking Institutions Also Facilitate Cryptocurrency Transactions
The proliferation of digital banks with crypto capabilities is noticeable. They offer a range of everyday banking solutions while allowing users to hold and use cryptocurrencies. Each bank comes with its own service coverage, so verify availability before picking your preferred choice.
..., so if you're not in need of comprehensive banking services, these features might suffice.
operates as a forward-thinking financial enterprise providing fundamental banking functionalities for residents of the UK and several EU countries. It also allows cryptocurrency holdings, albeit with certain limitations. If you're often on the move, Revolut stands out as an excellent digital banking option.
Goldman Sachs
Offering competitively priced international ATM withdrawals and low-cost international money transfers, the digital services firm empowers Revolut customers to manage their finances effectively via a highly-rated app and a versatile Visa debit card—which often comes at no additional charge through various promotions.
Revolut isn't technically a bank, except in Lithuania, although it's regulated by the UK's FCA. Finnancial assets up to 100,000 EUR are insured for Lithuanian clients, but this protection doesn’t extend to other users.
Clear.Bank
Revolut makes dipping into the world of cryptocurrencies accessible. Users can engage in both crypto-to-crypto and crypto-to-fiat transactions directly within the app, although users will encounter a minor caveat.
Through Revolut, owning your cryptocurrencies does not involve having access to private keys. Essentially, this means that while Revolut 'owns' the digital currencies, clients need to follow specific procedures to use them outside its platform.
The Market Will Soon See More Digital Banks Incorporating Cryptocurrency Options
Despite the non-traditional ownership structure, Revolut provides one of the most seamless crypto/fiat interfaces around. Users can directly spend their crypto holdings via a debit card and conduct unrestricted trading within their account.
Monaize
If your situation involves an international lifestyle, Revolut might be just what you're looking for in a current account. It's important to note, however, there are membership fees for those frequently moving large sums through the platform.
The platform can't be called a bank in the typical sense, but it definitely provides banking amenities for people working with both digital and traditional currencies. It's registered with the FCA in the UK, but deposit protection isn't an included feature.
For UK residents eager to weave cryptocurrencies into their daily transactions, Wirex offers significant assistance. It supports several deposit methods, including card payments and major cryptocurrencies, plus multiple fiat currencies like GBP, USD, and EUR.
A standout feature of Wirex is its adaptability. Once you deposit fiat or cryptocurrencies here, conversion between supported currencies is straightforward. Competitive rates are available for both fiat-to-crypto swaps and vice versa.
Wirex equips its users with a debit card linked to their account balance. The GBP Visa debit card generally serves UK residents best, aiding effortless local transactions or ATM withdrawals.
Bankera
The platform gives its users the flexibility to choose between a crypto wallet and a traditional currency wallet, depending on desired features.
For crypto devotees, the existence of a multi-signature wallet that ties into a fiat exchange is exceptionally beneficial, and Wirex offers precisely that.
Looking for a comprehensive banking experience outside fiat-crypto synergy? Wirex may not suit your needs as it doesn't cover loans or credit card services. However, it does offer an accessible entry into the crypto realm, easily boosted by conventional bank account funds.
Basic Crypto Debit Cards
Simple Bank operates as an online bank in the U.S., delivering various banking services and maintaining FDIC insurance coverage. While cryptocurrency buying options are reportedly available, these features are not detailed on its site at the moment.
Uquid
The bank also offers competitive savings account interest rates. For those wishing to venture only into lite crypto acquisitions without the complexity of advanced trading tools, further investigation into Simple Bank may prove fruitful.
Cryptopay
Ally Bank is in the digital banking arena with cryptocurrency-related services, though it doesn't enable direct cryptocurrency possession via its system. Instead, Ally Bank features excellent interaction with Coinbase, facilitating easy crypto buying and selling, complete with fiat movement.
BitPay
As a full-fledged fiat bank, Ally Bank offers comprehensive services and enjoys FDIC backing, ensuring up to $250,000 in deposit protection.
The Expansion in Digital Banks with Cryptocurrency Options is Evident
Initiated by GMAC, Ally Bank has created a platform parallel to many purely digital banks. Customers need a smartphone to tap into the network's 55,000+ fee-free ATM locations within the U.S.
