Cryptocurrency businesses and companies 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, business credit cards and banking API. BankProv is one of the few banks in the country to start offering banking products to crypto-related clients.
BankProv Key Takeaways
- Fully insured USD bank account for cryptocurrency businesses. But it only accepts USD deposits.
- BankProv cash management services include online and mobile banking, ACH services, domestic and international wire transfers, Remote Deposit Capture, LockBox, Quickbooks Direct Connect, and API Banking capabilities.
- Cryptocurrency businesses that can benefit BankProv business accounts include digital asset issuers, crypto software developers, and Bitcoin ATM companies.
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 the types of services you are interested in. Below we have listed the main services.
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 can 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 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.
BankProv Commercial Lending
BankProv provides commercial lending products and services, catering to a wide range of industries. They offer working capital loans to help businesses manage their short-term cash flow needs. Additionally, they provide term loans for longer-term financing requirements. BankProv specializes in serving industries such as commercial real estate, commercial and industrial lending (C&I lending), construction, renewable energy, and mergers and acquisitions.
BankProv Online Banking
BankProv offers online banking services to its customers to manage their accounts and perform various banking transactions through a secure online platform. With BankProv’s online banking, users can access their account information, view transaction history, transfer funds, pay bills, and more, all from the comfort of their own devices using BankProv app or website. Their website and app provide a user-friendly interface and robust security measures to ensure a protected banking experience for customers.
Supported Cryptocurrency Companies and Businesses
BankProv crypto banking services are designed for Bitcoin ATM (BATM) companies, cryptocurrency miners, crypto investors, cryptocurrency exchanges, cryptocurrency 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 Business | Small Business | Commercial | ProvX | ProvX+ | |
|---|---|---|---|---|---|
| Monthly Fee | $0 | $50 | $150 | $500 | $1,000 |
| Balance for 1/2 the monthly fee | — | $100,000 | $500,000 | $1,000,000 | $2,500,000 |
| Balance for waived | — | $250,000 | $1,000,000 | $2,500,000 | $5,000,000 |
| ACH | Per item: Up 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) | — |
| Outgoing Wires: Domestic | $25 | $25 | $25 | $25 | Up to 10 free then $10 |
| Outgoing Wires: International | $35 | $35 | $35 | $35 | $15 |
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:
Is BankProv Best Crypto Friendly Bank?
BankProv has positioned itself as a key player in the crypto banking landscape, offering services to businesses engaged in cryptocurrency. This includes a diverse clientele ranging from investors and exchanges to miners and Bitcoin ATM companies. While determining the “best” bank is subjective and depends on your business requirements, BankProv does offer business checking accounts for crypto companies. Some noteworthy features of BankProv’s crypto-friendly services include a strong focus on compliance with cryptocurrency regulations and anti-money laundering (AML) requirements.
Moreover, BankProv provides secure storage and transaction solutions for digital assets, prioritizing the security of its clients’ holdings. Additionally, the institution offers commercial lending products, payment processing, banking API, cash storage for Bitcoin ATMs companies, and other relevant services to further support its clientele.
It’s worth noting that BankProv is a reputable financial institution with FDIC insurance, providing added assurance to its customers. While BankProv stands out in catering to the crypto business niche, other banks and financial institutions are also increasingly entering the space, offering similar services to meet the growing demand.
What is BankProv?
BankProv is a US-based crypto-friendly bank that offers banking services to cryptocurrency businesses. They provide USD deposit accounts, business credit cards, and banking APIs to support the financial needs of crypto companies.
Is BankProv safe to use?
BankProv is a safe and secure bank to use. It is FDIC insured, which means that deposits are protected up to $250,000 per depositor in case of a bank failure. The bank implements strong security measures such as firewalls, encryption, and multi-factor authentication to safeguard your account information.
What are BankProv hours?
BankProv operates during the following hours: Monday to Friday: 8 am to 8 pm Eastern Time (ET) and Saturday: 9 am to 1 pm Eastern Time (ET).
What are BankProv locations?
BankProv operates a total of seven branches across the states of New Hampshire and Massachusetts. In New Hampshire, these branches are located in Bedford, Exeter, Portsmouth, and Seabrook. In Massachusetts, BankProv has branches in Amesbury (Main Office), Amesbury (Rt. 110), and Newburyport.
Is BankProv crypto friendly?
BankProv is known for being crypto-friendly. It offers business checking accounts tailored to cryptocurrency investors, businesses, exchanges, miners, and Bitcoin ATM companies.