10 Best Crypto Friendly Banks in February 2024

Zac McClure
ByZac McClure, MBAReviewed byAlex MilesUpdated on February 5, 2024 · minute read
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  • Cash App and JP Morgan Chase stand out among the best crypto friendly banks. Cash App excels as a comprehensive financial platform with seamless integration of traditional and crypto services, while JP Morgan Chase offers specialized crypto friendly services, expert risk management, and in-depth research on crypto markets for institutional clients.

  • A crypto friendly bank integrates traditional and digital assets and may provide special crypto cards, support exchanges and wallets, and enable easy buying and selling of cryptocurrencies. Transparent transaction fees and monthly charges are crucial considerations when selecting a crypto friendly bank.

Integrating cryptocurrencies into traditional banking has become increasingly crucial in the dynamic finance landscape. As the demand for crypto friendly banks rises, individuals and businesses seek institutions that provide seamless services for managing both traditional and digital assets. Here's a comprehensive guide to the 10 best crypto friendly banks in 2024.


Best crypto bank for customer-centric traditional online banking

Ally Bank, a customer-centric traditional online bank, may not directly offer crypto services, but it allows customers to use their accounts with external cryptocurrency exchanges for trading. Ally Bank provides digital tools and services to help customers manage their finances effectively, which can benefit crypto traders. Known for its transparent fee structure and competitive interest rates, Ally Bank is an attractive option for customers looking to optimize their financial portfolio, including crypto investments.


Best crypto bank for crypto businesses and asset management

BankProv, or Provident Bank, is a US-based financial institution specializing in crypto friendly banking services. It offers accounts for cryptocurrency businesses and asset management services for crypto industry players. BankProv facilitates cryptocurrency exchanges and other businesses while prioritizing compliance with cryptocurrency regulations and anti-money laundering (AML) requirements.

Cash App

Best crypto bank for customer-centric traditional online banking

Originally designed for peer-to-peer payments, Cash App has transformed into a comprehensive financial platform. Developed by Square, this mobile app now offers users a full-service banking experience. Users can obtain a Cash App debit card, receive ACH transfers and direct deposits, and venture into traditional stock market investments. Cash App's integration with cryptocurrencies, particularly Bitcoin, sets it apart in the fintech landscape.

Goldman Sachs

Best Bitcoin bank for unparalleled financial expertise

Goldman Sachs, a financial powerhouse with an illustrious heritage, continues to shape the financial realm with unparalleled excellence. Renowned for its customer-centric philosophy and global impact, Goldman Sachs stands as a symbol of financial prowess.

JP Morgan Chase

Best crypto friendly bank for institutional-grade research and risk management

JP Morgan Chase, one of the largest global financial institutions, has cautiously ventured into cryptocurrencies. The bank introduced the JPM Coin for instant cross-border payments among institutional clients. It offers crypto friendly banking services to selected exchanges and digital asset firms, with a strong focus on risk management and compliance. JP Morgan Chase also provides institutional-grade research on crypto markets, aiding clients in making informed investment decisions.


Best Bitcoin bank for a comprehensive suite of financial services

Juno takes center stage for its seamless fiat-to-crypto and crypto-to-fiat conversion services. With a focus on secure infrastructure authorized by the FCA and banking-as-a-service (BaaS) solutions, Juno is positioned as a reliable partner for users globally, providing enhanced fraud and risk management.


Best Bitcoin bank for seamless integration with crypto exchanges

Monzo, a pioneer in digital banking in the UK, has embraced the digital financial revolution and shows openness to cryptocurrencies. While it doesn't offer direct crypto trading, Monzo allows customers to use their bank account with cryptocurrency exchange accounts. This integration enables users to monitor their cryptocurrency holdings alongside regular banking transactions within the Monzo app. Monzo also supports faster payments and direct debits to cryptocurrency exchanges, simplifying fund deposits and management.


Best crypto friendly bank for instant crypto credit lines and savings accounts

Nexo Bank distinguishes itself by providing instant crypto credit lines and interest-earning savings accounts on a global scale. With a user-friendly platform, Nexo offers a seamless experience for those looking to access liquidity or earn passive income through their digital assets.


Best crypto friendly bank for a diverse range of cryptocurrencies and competitive exchange rates

Revolut is a UK-based fintech company that offers cryptocurrency trading right within its mobile app. With support for over 30 cryptocurrencies, including popular ones like Bitcoin and Ethereum, Revolut makes it easy for both new and experienced users to buy, sell, and hold digital assets. The platform provides competitive exchange rates and allows users to exchange between different fiat and digital currencies. Notably, Revolut offers cryptocurrency wallets for managing digital assets alongside traditional money, and users can set up cryptocurrency vaults to save and accumulate digital assets over time.


Best crypto friendly bank for a payment card supporting traditional and crypto currencies

While not a bank, Wirex is a notable player in the crypto space, offering a payment card in partnership with Mastercard. Wirex stands out for its support of both traditional currencies and a wide range of cryptocurrencies, making it a convenient choice for crypto enthusiasts. They offer various plans, including a free one, and users can earn more crypto back by upgrading their plans. Wirex also has its own token (WXT) that unlocks DeFi opportunities and other crypto-related features.

How to pick a crypto friendly bank

When you're thinking about picking a crypto friendly bank, here are some important things to keep in mind:

  1. Holding both crypto and fiat currency: Look for a bank that lets you keep both cryptocurrencies (like Bitcoin) and regular money (like dollars) in one place. This makes it easy to manage all your funds together.

  2. Crypto cards for spending: Check if the bank offers special crypto cards. These cards let you spend both your regular money and cryptocurrencies to buy things or make payments.

  3. Integration with crypto exchanges and wallets: Make sure the bank works well with cryptocurrency exchanges and digital wallets. This helps you easily move your money in and out of the crypto world.

  4. Crypto-powered banking services: Some banks offer extra services related to cryptocurrencies, like crypto-backed loans or earning rewards on your crypto holdings. These can be handy features to have.

  5. Buying and selling cryptos with cards: Find out if the bank lets you use your credit or debit card to buy and sell cryptocurrencies. It's convenient to have this option.

  6. Transaction fees and monthly charges: Be aware of the fees the bank charges for crypto transactions and any monthly account fees. You want to make sure the costs are reasonable and fit your budget.

What are the pros and cons of crypto friendly banks?

As with all things, crypto friendly banks have their pros and cons. Here is a brief summary of each to help you understand the implications of crypto in the world of traditional finance.

Crypto friendly bank pros

  1. Diverse Financial Solutions: Crypto friendly banks often provide a diverse range of financial solutions beyond cryptocurrency services, catering to various needs.

  2. Instant Crypto Credit Lines: Some banks offer instant crypto credit lines, providing users quick access to liquidity for various financial activities.

  3. Low-Cost Currency Exchange: Certain crypto friendly banks excel in low-cost currency exchange, benefiting users with international financial activities.

  4. Cryptocurrency Payments: Some banks specialize in facilitating cryptocurrency payments, enabling day-to-day transactions in both traditional and digital currencies.

  5. Multicurrency Travel Cards: Certain banks offer multicurrency travel cards, enhancing convenience for international travelers who want to transact in various currencies.

Crypto friendly bank cons

  1. Limited Availability: Some crypto friendly banks may have limited international availability, restricting access for users outside specific regions.

  2. Regulatory Uncertainties: The evolving regulatory landscape for cryptocurrencies may pose challenges for crypto friendly banks, leading to uncertainties in their operations.

  3. Risk of Cyber Threats: Despite security measures, crypto friendly banks may still face risks associated with cyber threats and hacking attempts.

  4. Varied Service Offerings: The range of services offered by crypto friendly banks can vary, and users need to choose banks that align with their specific requirements.

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Best crypto friendly bank FAQs

Here are frequently asked questions about the best crypto friendly banks operating today.

What banks are crypto friendly?

Crypto friendly banks are financial institutions that actively support and facilitate cryptocurrency transactions and services. Some of the notable crypto friendly banks include Ally Bank, Cash App, and JP Morgan Chase.

Why won’t my bank let me buy crypto?

Banks may restrict the purchase of cryptocurrencies due to regulatory concerns, risk management policies, or a lack of infrastructure to handle crypto transactions. Regulatory uncertainties, potential fraud risks, and the need for compliance with anti-money laundering (AML) regulations are common reasons why some banks may choose not to facilitate crypto purchases.

Can banks track crypto?

Yes, if you use your account to interact with crypto businesses, then banks can track crypto transactions. Banks can view transaction records on open blockchain ledgers.

Is Cash App crypto friendly?

Yes, Cash App is considered crypto friendly, offering a user-friendly mobile app and ease of use for individuals in the US to engage with cryptocurrencies.

Is JP Morgan crypto friendly?

Yes, JP Morgan is considered a crypto friendly bank, offering a diverse range of financial solutions, including secure custody, trading platforms, lending products, and payment processing services related to cryptocurrencies.

Is Wirex crypto friendly?

Yes, Wirex is considered a crypto friendly bank, specializing in cryptocurrency payments and providing users with a multicurrency travel card. It prioritizes security with a zero-trust approach to safeguard user assets.

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Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Alex Miles
Reviewed byAlex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.

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