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, 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.
- 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 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.
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 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 Business | Small Business | Commercial | ProvX | ProvX+ | 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 |
| 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) | Up to 25,000/mo (then per) |
| Outgoing Wires: Domestic | $25 | $25 | $25 | $25 | Up to 10 free then $10 | Up 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:
- Signature Bank
- Kraken Bank (to be launched in 2022)
- Wirex
- Coinbase
Conclusion: BankProv Review
Banking options for cryptocurrency businesses in the United States has always been a challenge. BankProv has opened its doors to a new crop of clients dealing in digital assets. It offers business checking account for cryptocurrency investors, businesses, exchanges, miners and Bitcoin ATM companies.
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