One of the questions that often arises in the cryptocurrency community is — how exactly to choose a bank that will be convenient for working with digital assets? And this is truly relevant, as cryptocurrencies have long ceased to be just a trend.

Currently, more than 420 million people worldwide interact with crypto in one way or another. The USA leads in usage volume, but Asian countries like India and Vietnam are also actively catching up. The number of users is growing exponentially, that’s a fact. And along with this, the demand for quality banking services for crypto users is increasing.

It’s important to understand the difference here. Crypto banks are decentralized platforms built on blockchain specifically for working with digital assets. And crypto-friendly banks are traditional banks that have added the ability to work with cryptocurrencies. For example, Scallop is a true crypto bank offering a full range of services from accounts to investing.

I’ve noticed that many confuse these concepts. So let’s clarify which banks can truly be called crypto-friendly in 2024.

JP Morgan Chase is one of the most powerful players in the traditional financial system, and they have long entered the crypto space. They launched JPM Coin for cross-border payments between institutional clients. They take compliance and risk management seriously, while also offering institutional research on crypto markets.

Revolut from the UK is a fintech that has truly made cryptocurrency trading simple. Over 30 crypto assets in one app, flexible purchase options, automatic exchange. Convenient if you want to quickly buy or sell.

Juno was created specifically for crypto companies and traders. They offer specialized crypto accounts with crypto-backed loans and staking. They use AI for personalized analysis — this is more than just a crypto bank, it’s almost a financial assistant.

Wirex is an interesting option. It’s not a crypto bank in the traditional sense, but they issue Mastercard payment cards for working with both types of currencies. Free Web3 accounts, 0% foreign exchange fees, staking for passive income. Plus, you can withdraw from ATMs for free.

Monzo is a pioneer of digital banking, and now they have also integrated decentralized solutions. They don’t trade crypto directly, but you can use the Monzo card on crypto exchanges. All your crypto and fiat currencies are in one place.

Ally Bank is a regular online bank in the USA, but it allows its clients to trade crypto through external exchanges. FDIC insured, transparent fees, competitive rates. Plus, they offer crypto funds and higher APYs on fiat than most competitors.

Cash App is a versatile platform from Square. It was initially for peer-to-peer transfers, but now it’s a full-fledged financial service. You can invest in stocks and cryptocurrencies, receive your salary, and directly deposit/withdraw Bitcoin to your personal wallet. Quite convenient for beginners.

BankProv (Provident Bank) is an American institution specializing specifically in crypto-friendly services. They create accounts for crypto companies, manage assets for traders, and facilitate crypto-to-fiat conversions. They take compliance and AML requirements seriously.

Mercury is focused on Web3 companies. You don’t store crypto directly in the account, but you can buy it. They have FDIC insurance up to $5 million, treasury products with attractive yields, no monthly fees, and cashback.

Quonic is a US community bank that actively works with crypto companies. They offer interest-bearing accounts on crypto assets so you can earn passive income. You can receive Bitcoin rewards on checking accounts plus cashback on purchases.

When choosing a crypto bank or crypto-friendly bank, pay attention to several things. First, the ability to store crypto and fiat simultaneously. Second, the presence of crypto cards and integration with wallets and exchanges. Third, transaction fees and monthly payments. And definitely check reviews and user activity.

Institutions like JP Morgan Chase, Revolut, or Scallop are proven options. They have already demonstrated their reliability. But the choice depends on your needs — whether you just want to trade crypto, earn passive income through staking, or need a comprehensive solution for your business.