In the world of financing, a new dimension has been added with the emergence of cryptocurrency. Even earlier some days, people couldn’t think about financing without the help of bank but overtime the thinking is getting changed with decentralization. So, realizing the importance of crypto, a number of banks have started maintaining a very conservative stance on everything crypto-related. Crypto users also maintain banks for several reasons. Crypto friendly alternatives are increasing at an alarming rate with the advancement of the space.
Banks serving crypto
A number of banks are providing crypto-related services but most of them are subject to government regulations. As a result these banks have the right to freeze customer funds and suspend accounts because of untoward occurrences. But banks can hardly face compliance-related issues and anti-money laundering regulations tightening everywhere. Storing of token in a safe Bitcoin wallet holding the private key is really important to every single crypto holder as always.
The list of crypto-friendly alternatives to the high street bank is as follows:
As an oldest crypto bank Bitwala, which is a blockchain banking service, is famed. Bitwala’s concept first introduced in October 2015 when its founders Jorg von Minckwitz, Jan Goslicki, and Benjamin P. Jones launched operations for a global blockchain-based payment service provider headquartered in Berlin, Germany. The bank first introduced a Bitcoin prepaid card in Europe and let users make Bitcoin-to-bank account transactions in euros.
Cashaa came with the aim to remove financial barriers that will prevent billions of undisputed people from taking advantage of modern financial services. This London-based banking platform started as a Bitcoin remittance company in 2016 and gradually turned into a crypto bank. Cashaa is a gateway to consumer-centric financial products aimed at customer adoption of blockchain without having to understand the technical details of blockchain technology. Cashaa’s wallet system, integrated with the peer-to-peer exchange with full spectrum of fully digital financial services, enables its community to save, spend, borrow and get insured, with a simplified user experience in a legally compliant way.
Fidor Bank is a German online bank started offering EU accounts since 2015. With the bank users have the ability to purchase BTC directly using its online banking platform. The bank was founded in 2015. In July 2016, Fidor Bank was being acquired by France’s Group BPCE for an undisclosed account.
The mobile banking startup provides bank accounts for both crypto-related companies and traditional financial services. Any crypto-related transfer is possible with the bank and the company is publicly open to cryptocurrencies.
Piixpay, based-on Estonia, basically enables customers to pay their bills using cryptocurrencies using a crypto-to-IBAN payment platform. They allow five cryptocurrencies to pay bills. Converting crypto to fiat is possible with payment platform.
Simple, a crypto-friendly reputed banking service based on United States, allows its customers to make cryptocurrency purchase using its accounts, and allows clients to send funds to and from crypto exchanges.
Wirex, based on London first to introduce Bitcoin Debit card, is a full-service crypto bank enabling users to store digital and fiat currencies on one mobile banking app-based platform. Crypto-related transactions like earning cashback in cryptocurrencies, making payments and converting tokens are possible with this bank.