BankProv Review 2022: Bank Account for Cryptocurrency Businesses

Cryptocurrency businesses often struggle to find reliable banking services worldwide. BankProv is a crypto friendly bank that offers bank accounts to cryptocurrency businesses in the US. Banking services and products for crypto businesses include USD deposit account, crypto backed loans, business credit cards and banking API. BankProv is one of the few bank in the country to start offering banking products to crypto-related clients.

 

BankProv Key Takeaways

  • Fully insured USD bank account for cryptocurrency businesses.
  • Access to crypto-backed loans (Ether and Bitcoin backed solutions).
  • Banking solutions offered include BankProv remote deposit capture, ProvXchange send network, same-day ACH and Wires and BankProv commercial lending.
  • Cryptocurrency businesses that can benefit BankProv business accounts include crypto miners, digital asset issuers, crypto software developers, and Bitcoin ATM companies.

BankProv is proud to be entering the digital asset space because it’s largely unbanked and clients want deposit services.

How to Open BankProv Crypto Business Account

If you are looking to open a crypto business bank account, all you can apply by filling out their crypto business form. The form will require you to provide personal details, describe what type of crypto business you are, and types of services you are interested in.

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BankProv Products and Features

BankProv Deposit Checking Account for Crypto Businesses

BankProv cryptocurrency banking is a bridge between crypto and traditional banking. The bank offers full-service USD banking products for cryptocurrency businesses in the US. Crypto businesses are able to make USD deposits (including BankProv remote deposit capture), have their deposited funds cleared faster and available in their accounts in 24 hours to facilitate smooth running of their digital asset businesses.

BankProv is a crypto friendly bank not a cryptocurrency bank, this means it only accepts USD deposits for crypto businesses.

BankProv Crypto Backed Loans

BankProv has partnered with CrossTower and Anchorage Digital, digital asset investment firms, to offer crypto-backed loans to cryptocurrency businesses to access USD to grow their businesses. Crypto related businesses can apply for BankProv crypto backed loans for working capital, crypto mining equipment and infrastructure. In 2021, BankProv commercial lending became the first loans in the banking industry to be backed by Ether and the Ethereum network.

Crypto backed equipment loans: You can apply BankProv commercial loans for equipment and infrastructure loans to scale your crypto mining operations.

BankProv Cash Vault Services

BankProv provides cash vault services to Bitcoin ATM companies in the country. The bank has partnered with top crypto-friendly armored couriers across the US to ensure the security of deposits.

BankProv API Banking

BankProv API allows crypto businesses in the US to use the bank’s ProvXchange network to facilitate real time transfers to other BankProv customers 24/7/365 without the delays of traditional payment systems. As a BankProv customer, you will be able to easily manage counterparties who you frequently trade with.

When it comes to traditional banking methods, you probably find yourself logging in and out of websites and systems to help you manage your business’ day-to-day needs. Our business checking accounts allow our commercial banking clients to manage their money from within their own operating system by using our APIs to get up-to-date, accurate information of your accounts and maximize business productivity.

Supported Cryptocurrency Businesses

BankProv crypto banking services are designed for Bitcoin ATM (BATM) companies, cryptocurrency miners, crypto investors, cryptocurrency exchanges, crypto currency issuers and cryptocurrency software developers.

BankProv has entered into a partnership with Rocketplace, a commission free crypto exchange, to allows Rocketplace users to quickly deposit, trade, and withdraw funds. BankProv will provide On and Off-Ramps solution for transferring money between crypto and fiat. This means that Rocketplace will integrate BankProv’s deposit and payment services directly into its crypto exchange.



 

BankProv Fees

Classic BusinessSmall BusinessCommercialProvXProvX+ProvX Partner
Monthly Fee$0$50$150$500$1,000$5,000
Balance for 1/2 the monthly fee$100,000$500,000$1,000,000$2,500,000$10,000,000
Balance for waived$250,000$1,000,000$2,500,000$5,000,000$20,000,000
ACHPer itemUp to 50/mo (then per item)Up to 500/mo (then per item)Up to 5,000/mo (then per)Up to 10,000/mo (then per)Up to 25,000/mo (then per)
Outgoing Wires: Domestic$25$25$25$25Up to 10 free then $10Up to 100 free then $10
Outgoing Wires: International$35$35$35$35$15$10

Is BankProv Safe?

BankProv, formerly The Provident Bank, is a legitimate and regulated bank in the US. It is the 10th oldest bank in the country. Being a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), your deposits are 100% fully insured at no additional cost. The FDIC insures each depositor to at least $250,000, and the DIF insures the rest.

BankProv Alternatives

BankProv alternatives and competitors in the US include the following:

You may also be interested in our article on Silvergate Business Account for Cryptocurrency Businesses

Conclusion: BankProv Review

Banking options for cryptocurrency businesses in the United States has always been a challenge. BankProv has opened its doors to new crop of clients dealing in digital assets. In addition to business checking account for cryptocurrency investors, exchanges, miners and BATMs, the bank offers crypto backed lines of credits.

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