As cryptocurrencies, particularly Bitcoin, continue to gain popularity, a number of banks allow account holders to deposit, withdraw, save, send and trade in digital currencies alongside traditional ones. In this article, we will look at 7 virtual banks and that offer digital currencies bank account to their customers.
Quick Cryptocurrency Facts
- Cryptocurrency is a decentralized digital currency without a central bank that can be sent from user to user without the need for intermediaries. Bitcoin is the most dominant cryptocurrency in the world.
- Cryptocurrency transactions are verified and recorded in a public ledger called a blockchain.
- Cryptocurrencies such as Bitcoin and Ethereum are created as a reward for a process known as mining while others such as Ripple and Stellar are non-mined cryptos.
- Cryptocurrencies can be used to pay for products and services as well as exchanged for other currencies.
Best Crypto Banks
|Bitwala||Germany||Crypto wallet linked to your bank account, Able to send, receive, store and trade Bitcoin, Invest in bitcoin interest account||European Economic Area (including Switzerland) and accepts identification documents of non-residents from 70+ nationalities. See supported nationalities here|
|Revolut||UK||Exchange 29 currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple, withdraw bitcoin to an external crypto wallet, auto exchange, Dollar Cost Averaging||European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States|
|Fidor bank||Germany||Buy ryptocurrency and convert into fiat money, corporate bank account for investors and organisers to conduct Initial Coin Offerings (ICOs), account for bitcoin exchanges to trade EUR and bitcoin on their platforms, Crypto Settlement Account, API access||Germany, Singapore, the Netherlands and Dubai|
|SEBA||Switzerland||SEBA wallet app and SEBA card, which support Bitcoin, Ether, Stellar, Ether Classic, and Litecoin, serves institutional clients and investors||Austria, France, Germany, Hong Kong, Italy, Portugal, Switzerland, Singapore, and UK|
|Mistertango||Lithuania||Fund crypto transactions with Euro, crypto loans, API to automate mass payments||European Economic Area (EEA)|
|Wirex||UK||Save cryptocurrency and fiat currency in a single account, X-Account allows crypto holders to earn up to 16% on their crypto savings||Wirex accounts can be opened in many countries around the world including Australia, Austria, France, Denmark, Germany, Norway, Italy, Spain, Portugal, Poland, Slovakia, Sweden, the Netherlands, Romania, Hong Kong, New Zealand, the Philippines, Singapore, and Taiwan. It is not available in the US|
Banks With Cryptocurrency Accounts
Although cryptocurrencies haven’t become mainstream, the number of financial institutions offering crypto bank accounts around the world is rising. Here’s a few of them.
N26 crypto: N26 bank is working with an unnamed crypto exchange to launch crypto services. The new product will integrate a crypto exchange functionalities and N26 banking features to allow account holders to trade bitcoin and other cryptocurrencies.
Bitwala, rebranded as Nuri, is Europe’s first regulated blockchain banking solution based in Germany. It enables customers to save, withdraw, and trade Bitcoin as well as manage both their Bitcoin and Euro deposits in one place. The bank account is hosted by the Berlin-based solarisBank.
Founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015, Bitwala is available for Android and iOS for customers in 30 European countries. Opening a Bitwala Bitcoin bank account is free and simple with the use of video identification.
The Bitwala account includes a Bitcoin and Ethereum wallet. Buy and sell cryptocurrencies for a 1% fee from your account and store them securely in one place. Best of both worlds, all in one account.
In addition, the bank offers free integrated crypto tax reporting solutions to users via its partnership with CryptoTax.
Revolut is one of the best online bank for cryptocurrency. It is a British virtual bank that was started by Nikolay Storonsky and Vlad Yatsenko in 2015. The bank is open to legal residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States. With Revolut app for Android and iOS, customers can buy, sell, spend and receive cryptocurrency. Cryptos available on Revolut include Bitcoin, Ether, Ripple, Bitcoin Cash and Litecoin. The bank works with cryptocurrency exchanges such as Coinbase and Bitstamp.
You can receive cryptocurrencies sent by another Revolut user. However, you will not be able to receive cryptocurrencies sent from outside of the Revolut platform, e.g., external wallets. This is a closed offering whereby you can buy, sell, exchange, and transfer within the Revolut platform.
Read Our Complete Revolut Review
Fidor Bank is a German virtual bank founded by Matthias Kröner, Dr. Michael Maier, Steffen Seeger and Martin Kölsch in 2009. The bank maintains fiat and Bitcoin customers in the European Economic Area (EEA), Switzerland, Dubai, Singapore and the US.
Fidor’s Bitcoin bank account, available on Android and iOS, allows customers to save cryptocurrencies and convert into fiat money. Its corporate bank account allows investors and organisers to conduct Initial Coin Offerings (ICOs) and Bitcoin exchanges to trade EUR and Bitcoin in their platfroms. For example, Fidor Bank customers with Kraken accounts (one of the world’s largest global bitcoin exchange and America’s first cryptocurrency bank) can send deposits and withdrawals to and from their Fidor bank account to their Kraken accounts easily. The bank has also partnered with German Bitcoin exchange Bitcoin.de to offer Bitcoin trading option to its customers.
Citing uncertainties surrounding the UK market, Fidor Bank decided to withdraw its product and service offering in the UK on the 15th of September 2019.
Mistertango is a Lithuanian fintech company offering dedicated International Bank Account Number (IBAN) accounts to individuals and businesses.
[…] For many crypto traders and crypto-related businesses, such as exchanges and ICO companies, a regulated current account is something that has so far been out of their reach. — Gabrielius Bilkštys, Chief Business Development Officer, Mistertango
Mistertango has partnered with Nexo, a crypto loan platform. Through this partnership, crypto loans are offered via a SEPA payment directly into Mistertango customer accounts. The virual bank also works jointly with Exmo, a cryptocurrency exchange platform, to allow its customers to fund cryptocurrency transactions using EUR.
Read: Mistertango Review
SEBA is a Swiss digital bank that provides crypto and fiat banking services in one place. The bank offers a SEBAwallet app and SEBA card facilities, which support Bitcoin, Ether, Stellar, Ether Classic, and Litecoin. The bank serves institutional clients and investors in Switzerland, Hong Kong, Austria. the UK, Singapore, Italy, France, Germany, and Portugal.
Located in Switzerland and Singapore, Sygnum calls itself “world’s first digital asset bank.” The bank helps institutional and private qualified investors, corporates, banks and other financial institutions invest in the digital asset. It does this through its portfolio of traditional banking services for digital assets such as Bitcoin, Ethereum and Digital CHF.
The Swiss bank claims to be the first bank in the world to allow clients to stake ethereum, generating a yield of up to 7% per annum.
In March 2020, Sygnum Bank launched its digital CHF, a digital currency pegged to the Swiss franc. The CHF token is the first to be issued by a regulated Swiss bank with a full digital asset banking suite.
Customers can save cryptocurrency and fiat currency in a single account. The newly launched X-Accounts allow crypto holders to earn up to 16% on their Wirex crypto savings. Funding one’s account can be done via a debit or credit card, bank transfer or cryptocurrency (Bitcoin, Litecoin, Ether and Ripple).
Read Our Complete Review of Wirex App