Top 5 Crypto-Friendly Banks: Platforms to Check Out in 2024

As the world continues to embrace digital innovations, the cryptocurrency market has managed to move from a niche interest to a more mainstream place.

According to Crypto.com’s Crypto Market Sizing Report for 2023, the number of crypto holders in 2023 rose by 34% from 432 million in January to 580 million in December. The trend was highly driven by Ethereum’s Shanghai Upgrade in April 2023 and strong interest from institutions looking to launch a Bitcoin ETF.

With 2024 seeing more developments emerge in crypto markets, such as a potential Ethereum ETF, interest in cryptocurrency ownership could surge even higher.

In 2023, Statista reported that by 2028, the number of cryptocurrency users could surpass 992.5 million.

As interest in the decentralized finance (DeFi) market continues to grow, investors are looking for banks that can seamlessly integrate traditional financial services with cryptocurrency support.

Here are the top 5 crypto-friendly banks and platforms to look out for.

Table of Contents Table of Contents

1. Key Takeaways
2. Top 5 Crypto-Friendly Banks & Platforms
3. Crypto-Friendly Banks and Regulations?
4. The Bottom Line
5. FAQs
6. References

Show Full Guide

Table of Contents

1. Key Takeaways
2. Top 5 Crypto-Friendly Banks & Platforms
3. Crypto-Friendly Banks and Regulations?
Show Full Guide
4. The Bottom Line
5. FAQs
6. References

Top 5 Crypto-Friendly Banks & Platforms

Crypto-friendly banks offer several advantages that make them appealing gateways for individuals and businesses looking to integrate DeFi into their traditional financial strategies.

So, what traditional financial platforms and banks are crypto-friendly indeed?

Here is a list of the best crypto-friendly banks and platforms in 2024 and some of their key features.

Revolut

Revolut is a financial technology company that was founded in 2015 and is headquartered in London, England.

The bank specializes in a range of digital banking services and has gained popularity worldwide thanks to its aim of providing a modern alternative to traditional baking by offering a suite of financial products that are easily accessible through mobile phones.

The platform supports over 160 cryptocurrencies, including some of the most popular coins such as BTC, ETH, BNB, and USDT as well as more niche cryptocurrencies such as BONK, FLOKI, JASMY, and more.

It allows users to instantly exchange fiat currencies for crypto and vice versa. Users can also send and receive crypto from their contacts.

Apart from exchanging assets immediately, the application also allows users to set up stop and limit orders. Other features include the integration of price alerts and bundled collections of tokens in certain sectors, such as non-fungible tokens (NFTs), DeFi, and more.

At the beginning of May 2024, Revolut launched Revolut X, a standalone crypto trading platform that targets professional traders. It offers over 100 token trades with competitive fees and seamless integration with existing Revolut accounts.

In March 2024, Revolut partnered with MetaMask to make purchasing crypto through the platform even easier.

Wirex

Another crypto-friendly bank in the UK is Wirex, a digital payment platform and card provider founded in 2014.

With services available in over 130 countries, Wirex is a global bank. It allows users to manage multiple currency accounts, both fiat and cryptocurrency and offers various services to facilitate easy and secure transactions globally.

The platform’s mobile app and Wirex card allow users to seamlessly buy, store, exchange, and spend digital assets.

According to its website, the platform supports six cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and DOGE.

Additionally, the Wirex Wallet, which is located within the Wirex ecosystem but operates outside of the Wirex app, allows users to store NFTs, have direct access to DeFi platforms and protocols, and perform built-in cross-chain and single-chain swaps.

Wirex also has a rewards system known as Cryptoback?, which allows users to earn WXT, the platform’s native token, each time they use the Wirex card to make purchases.

Brighty App

Brighty App is on the list of top crypto-friendly digital and crypto payment apps in Europe.

Brighty App is a neodigital app founded in 2020 and headquartered in Zug, Switzerland, with services available globally.

The app works with both fiat and crypto and allows users to receive and transfer cryptocurrencies not just to other Brighty App users but also via SEPA, SWIFT, and FPS.

Additionally, the app offers users up to 8% of yearly interest on their crypto savings through vaults.

Brighty App offers both personal and business accounts.

According to Nikolay Denisenko, Revolut alumnus and Brighty App’s co-founder and CTO, the platform takes security very seriously and uses Multi-Party Computation (MPC) to ensure transaction security.

Speaking to Techopedia, Denisenko noted:

“With MPC, private keys are distributed among multiple parties, eliminating the need for a single point of failure. Besides this there is multi-factor authentication, data encryption, as well as regular security audits and tests.”

Ally Bank?

Ally Bank, part of Ally Financial, is opening the floor for the top crypto-friendly banks in the USA.

Headquartered in Michigan and founded in 2009, Ally Bank is a financial services company that offers a variety of banking products and services, including checking and savings accounts, certificates of deposit (CDs), auto loans, and investment services.

While Ally Bank does not currently offer cryptocurrency trading, it enables users to use their accounts with external cryptocurrency exchanges.

Moreover, users can invest in funds that own crypto, such as Grayscale Bitcoin Trust (GBTC) or Osprey Bitcoin Trust (OBTV), and funds that own crypto futures.

Cash App

The final contestant on our top five crypto-friendly banks is Cash App, a mobile payment service developed by Block, Inc., which was founded in 2013 and is headquartered in New York.

Cash App allows users to send and receive money, pay for purchases, and manage personal finances. Unlike all the other crypto-friendly banks on this list, Cash App only supports BTC.

Users can buy, sell, and hold Bitcoin directly within the app, send and receive BTC to and from external wallets, track the BTC price in real-time, and withdraw BTC to third-party wallets.

Crypto-Friendly Banks and Regulations?

Regulations have played a crucial role in how banks offer crypto-related services, which is why some banks cannot operate in certain countries. Meanwhile, others may offer certain services related to crypto but not be direct providers.

Brighty App’s Denisenko explained:

“Oftentimes, regulations are both an important guide to crypto banking and the biggest constraint. On one hand, they provide clarity and legitimacy, giving customers confidence in our services. Compliance ensures that we’re not only protecting our customers but also the integrity of the financial system. On the other hand, regulations can also present challenges.”

These challenges can vary from country to country, so crypto banks must always stay aware of the latest changes and ensure their global operations comply with the crypto regulations of all the countries where they provide their services.

The lack of uniform regulation also poses a challenge, Nataly Medici, the chief financial officer of Keytom, a neobank that offers both fiat and crypto services, added.

“The divergence of rules causes confusion and complications in adjusting to new requirements, especially for banks intending to expand internationally. Despite these challenges, certain jurisdictions like Switzerland, Singapore, and Malta offer conducive regulatory environments for crypto banking. These locations provide clear and flexible regulations, attracting banks seeking to incorporate cryptocurrency services.”

The Bottom Line

As cryptocurrency adoption continues to rise, the demand for crypto-friendly banking solutions is stronger than ever.

The DeFi industry is steadily growing, and so are its associated services. Crypto-friendly banks are committed to integrating traditional financial services with cryptocurrency support, catering to various users, from casual investors to professional traders. Still, they also face challenges in navigating the complex landscape of global regulations.

As the crypto market evolves, these banks are well-positioned to lead the way in offering seamless and accessible crypto banking solutions in 2024 and beyond.

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