With more and more people taking part in bitcoin gambling and the like and having a need to work with bitcoin and other cryptocurrencies, there has become a need for banks which offer traditional banking services but deal explicitly in cryptocurrency. However, these banks are few and far between for a variety of reasons.
Not all banks are going to accept bitcoin and another cryptocurrency, and there are a few good reasons for this for this.
For starters, the inherent volatility of cryptocurrency means that banks are very reluctant to deal with it. Banks exist to make money. They do not wish to lose the value of all their investments overnight simply because a small change in the cryptocurrency money has rendered their cash useless. Yes, there is a bit more stability in bitcoin nowadays, and you may find that there are banks that are willing to deal with bitcoin over any other cryptocurrencies, but even then they are likely to be reluctant to deal with it for years because the risk of not making a profit is difficult.
There are also strict regulations in place that deal with the handling of electronic money, and these regulations are going to be tighter over the coming years. For example; Romania is looking to implement legislation which will strictly regulate electronic money in banks. This will make it costlier for banks to handle cash, and it may make them incredibly reluctant to deal with it at all. For many Romanians, dealing with banks outside of the country may be the best bet when it comes to cryptocurrencies.
You should also remember that countries don’t really want people to be using cryptocurrency. This is because it has an impact on the economy. Economies are driven by the buying and selling of currency, and cryptocurrency will essentially cut out the middleman and can influence the economy severely. This means that a lot of regulations will actually tighten up the industry rather than let it run ‘loose.’ That is until the countries are able to work out how their economy can benefit from cryptocurrency.
There are several banks which do allow cryptocurrency deposits, although it is going to be impossible to list them all. This is a list of some of the main ones. It is worth noting that not all of these are going to be available to you. Some may also require you to run a company to deal with their cryptocurrency deposits which will make things a little bit more difficult for you. These restrictions may change over time, so it is always worth checking out how the bank is currently operating to see how they accept cryptocurrency, and which currencies are accepted. The number of banks will change over time, either due to regulation or deregulation.
This was actually the first proper bank to allow deposits in cryptocurrency. It works closely with Coinbase, one of the largest exchanges from cryptocurrency in the world. However, people outside of the United States may not currently be able to use USAA.
This is one of the largest banks in the world to allow dealing with cryptocurrency. However, they are trying to create a price stable cryptocurrency called CIRCLE, which is fully backed by the US Federal Reserve, as opposed to allowing other cryptocurrencies, although this is likely to be in their plans for the future.
This is an Argentinian bank which allows offshore people to open up bank accounts with them. They allow international transactions, and they work closely with the Bitex exchange.
This is a 100% digital bank which is based in Germany. It is actually one of the fastest growing companies in the world. It works closely with Kraken, which is the largest bitcoin exchange in the world.
This is a crowd-funded platform. It is designed to offer banking functions specifically for those who deal with cryptocurrency. This includes debit and credit cards. It is also planning to offer investment opportunities in the future.
WorldCore allows you to deposit in multiple cryptocurrencies and withdraw using debit cards. It operates in the Czech Republic.
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